LONDON, March 20 French private equity firm Eurazeo is set to lose control of Europe's biggest parking management firm Apcoa to a group of lenders led by U.S. investment firm Centerbridge.
In a statement on Thursday, Apcoa said Eurazeo was likely to exit the company following a successful financial restructuring of the group's debt pile, which is due to complete by the middle of the year and is likely to involve a debt for equity swap.
Lazard and Rothschild were appointed to advise Apcoa on a debt restructuring which had to take place before the company's 650 million euros ($904 million) of buyout loans matured in April 2014.
In November 2013, creditors led by financial investor Centerbridge Partners provided bridge financing of 50 million euros and agreed in principle to the company's plan to restructure its debt.
Apcoa was bought by Eurazeo for 885 million euros in August 2007 from Bahrain's Investcorp at the peak of the buyout boom but has struggled to manage its debt burden in a weak growth environment in Europe.
($1=0.7189 euros) (Editing by Mark Potter)