APCOA PARKING (“APCOA”), Europe’s leading parking manager, is back on sound financial footing. It now aims to grow and expand its business with the support of its new majority owner Centerbridge, a US and UK-based private investment firm.
As a result of a consensual financial restructuring the Group’s balance sheet has been significantly deleveraged with €440m of debt permanently removed and €80m of additional financing secured in order to support the Group’s capital investment program.
Ralf Bender, CEO of APCOA, said: “Centerbridge has continuously supported the business and we look forward to strategically developing the company together with our new shareholders. We are in a strong position to expand our position as Europe’s leading parking manager.”
With its strong position and effectively managed operations, APCOA is ideally placed to take advantage of the growth opportunities available in the market. In terms of governance, APCOA’s supervisory board will be expanded to reflect the new ownership structure.
Stefan Kowski, a Managing Director at Centerbridge Partners Europe LLP, said: “APCOA is a market leading business with excellent growth potential. The now deleveraged balance sheet enables the management team to focus on growth and we look forward to further supporting and investing in the business.”
About APCOA PARKING
APCOA PARKING Group is Europe's leading parking facility operator. During more than 40 years of experience, the Group has gathered know-how in 12 European countries and a wide-spread client portfolio. More than 30 European airports have contracted APCOA to manage their parking facilities. APCOA Group has more than 1.4 million parking spaces under management, and generated 678 million euros in revenues in 2013. APCOA's international background lets customers and property owners benefit from trend-setting and innovative parking services at more than 7,400 locations. Based on international know-how, local expertise, and long-term experience, around 4,700 staff deliver bespoke technical solutions to meet specific contract requirements. The Group headquarters and the German branch office are located at Stuttgart Airport.
Centerbridge Partners, L.P. is an investment management firm focused on private equity and distressed investment opportunities. As of December 2014, the Firm has approximately $25 billion in capital under management with offices in New York and London. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.
Contact APCOA PARKING
T: +49 711-94791-0