August 30, 2019 / 11:32 AM / 22 days ago

Centerbridge to launch sale of parking garage manager Apcoa: sources

FRANKFURT (Reuters) - Investment group Centerbridge has begun preparations for a sale of parking garage manager Apcoa, which could be valued at more than 1 billion euros ($1.1 billion) in a potential deal, people close to the matter said.

The investor, which took control of Apcoa through a debt to equity swap in 2014, has mandated JPMorgan and Goldman Sachs as sell-side advisors and is expected to dispatch first information packages to prospective buyers in coming weeks, they added.

Apcoa is expected to post earnings before interest, tax, depreciation and amortization of about 85 million euros this year and could be valued at more than 12 times that, one of the people said.

Centerbridge and the banks declined to comment.

Earlier this year, Moody’s raised Apcoa’s credit rating outlook, citing strong earnings, after it had voiced concerns in 2017 after a debt-funded dividend payment.

Apcoa was bought at the peak of the buyout boom in 2007 by Eurazeo (EURA.PA) for 885 million euros, backed by 660 million in loans. It then struggled to manage its debt burden in a weak growth environment in Europe.

Centerbridge bought up the bulk of the company’s debt and took control of the company, whose leverage was reduced by 440 million in a 2014 restructuring.

Apcoa was founded as Airport Parking Corporation Of America in 1947 and entered the European market in 1970. After a buyout in 1991 it was listed on the Frankfurt stock exchange in 1995, before being taken private in 2004 by Bahrain’s Investcorp.

The company operates 1.4 million parking spaces at 8,442 locations in 12 countries.

Reporting by Arno Schuetze and Andres Gonzalez; editing by David Evans

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below