 | |
| Company type | Private |
|---|---|
| Industry | Car parks |
| Founded | 1949, in Cleveland, Ohio, USA |
| Founder | |
| Headquarters | , |
Area served | Worldwide (13 countries) |
| Owner |
|
| Website | www |
APCOA Parking AG (APCOA) is Europe's longest-established full service parking management company.[1] Headquartered at Stuttgart Airport, in Germany,[2] it manages over 1,400,000 parking spaces across 13 countries, and employs approximately 4,500 people.[3]
On February 7, 2024, it was announced that Strategic Value Partners had completed its acquisition of the company.[4]
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NMBS Holding / B-Parking - Parking Management at Park & Ride sites in Belgium
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NMBS Holding is part of the Belgian railway, founded in 1926. "The goal of B-Parking is, to operate public car parks near railway stations as a added service to public transportation." More than 25 of its Park & Ride sites with more than 18,000 parking spaces throughout Belgium were equipped with a remote controlled access management system by SKIDATA Belgian travellers enjoy the convenience of a solution that combines private transportation and public transit. High-speed trains provide fast and safe connections between cities. To make rail travel more attractive to commuters, NMBS Holding has established a modern Park & Ride system. "So in 2012 we developed with SKIDATA a new mobility passport, the "MoBiB Card". With this card, you can entry and go out of a car park, but you can also, take a train or a bus in Brussels. So with one card you have a full mobility solution." And all the car parks are operated fully cashless. The result is less risk and management without bank notes! Three multilingual call centers provide support 24/7 for more than 25 Park & Ride sites. The SKIDATA system monitors remotely and automatically the entire technical installation. If a technical error occurs at a gate or ticket machine, it is detected in real-time and fixed in the shortest possible time. "With the SKIDATA architecture it is possible to manage more than 40 car parks in Belgium with only 6 people." All data is stored securely in the SKIDATA warehouse and analysed with SKIDATA solutions. The management of NMBS Holding thus always has access to the latest data on usage and the performance of services. "Thanks to the excellent cooperation between SKIDATA and NMBS-holding it became possible to develop a fully centralized software architecture. This concept ensures that human interventions in the car parks across Belgium, are limited to a minimum." "The NMBS want the B-Parking operated the car parks in a professional way and SKIDATA help us doing that." "We begin our cooperation with SKIDATA in 2008 and we equipped more than 25 car parks with SKIDATA. We have now a new contract for the next 5 years with SKIDATA and we will equipped 20 new car parks." With NMBS Holding and SKIDATA always one step ahead.
History
In 1949, Howard Metzenbaum and Ted Bonda founded APCOA as the Airport Parking Company of America, Inc. in Cleveland, Ohio. In 1966, the company was acquired by the ITT Corporation and was made into a division of ITT.[5][6]
In 1970, APCOA Autoparking GmbH was founded in Stuttgart,[7] under the German wing of ITT, called SEL. The company then expanded across Europe, entering[5] Vienna, capital of Austria, in 1970; Sunbury on Thames, England, in 1981; Mantua, Italy in 1985; and Rotterdam, Netherlands, in 1989.
By the mid-1980s, most of the European in-country subsidiaries had been divested from ITT, and slowly over the next ten years the management of APCOA Autoparking GmbH began to re-integrate the group under common ownership.[1] The US operations of APCOA were purchased from ITT Corporation through a management buyout in 1975 and eventually merged with Standard Parking in 1998.[citation needed]
In 1991, venture capital company CWB Capital Partners of London financed a management buyout. Also in 1991, the company won the first open local authority tender for on-street enforcement services in the City of Westminster, and provided the UK's first "whole of borough" parking solution covering car parks to local streets for Southwark Council.[8]
The company changed its name to APCOA Holding AG in 1994, and again to APCOA Parking AG in 1995. It trades on the Frankfurt Stock Exchange, with 75% of shares held by UK registered investors.[5] In April 1999, Salamander AG of Kornwestheim acquired 27.1% of APCOA Parking AG shares, and took complete control in October of that year. The company continued to expand through acquisition, including the parking subsidiary of UK based FirstGroup.
In 2002 EnBW-AG of Karlsruhe purchased 98.7% of Salamander AG, to virtually control APCOA Parking AG.[5] After consolidating various partnerships to 100% ownership,[clarification needed] the company continued its expansion into Eastern Europe, entering Rijeka, Croatia in 2003. The company was delisted from the Frankfurt Stock Exchange in 2003.[5]
On June 30, 2004, Investcorp acquired 98.3% of APCOA Parking AG shares from EnBW AG through its vehicle Parking Holdings GmbH for €265 million including debt.[7] In 2005 the company entered Switzerland, and changed the name of Parking Holdings GmbH to APCOA Parking Holdings GmbH (APHG). After a bidding battle with National Car Parks owned by 3i, and Australia's Macquarie Bank;[7] on 19 February 2007 French based investment company Eurazeo announced the proposed purchase of APCOA Parking AG for €885 million from Investcorp.[9]
In 2009, Westminster City Council undertook a further procurement process for on-street parking services. Recognising that part of its procurement procedure did not comply with the relevant regulations, the Council abandoned its initial procurement process in order to start again. APCOA, having "committed very substantial resources" to winning the tender, challenged the abandonment decision, but the High Court in a hearing confirmed that both contractually and under procurement law, there is a right to abandon a procurement procedure.[10]
2012 restructuring process
APCOA tried to restructure its significant amount of debt derived from the 2007 leveraged buyout by Eurazeo from 2012 onwards.[11] In a first step management tried to find equity investors as well as refinancing partners in order to decrease the debt pressure on the company's performance. This process was stopped a year later as the necessary partners could not be found. Already then APCOA's debt was traded actively with Centerbridge becoming the major creditor with more than 50% of debt value.[12]
Due to the failure of the first process, management decided to restructure itself using a court supervised UK-Scheme of arrangement. With this procedure APCOA was able to overrule dissenting creditor minorities previously hindering the restructuring process.
On October 30, 2014 the High Court of Justice in London sanctioned the scheme reducing the company's debt by €440 million through a debt equity swap and introduced additional financing of €80 million.[13] The group is now majority-owned by US and UK-based private investment firm Centerbridge, which has taken control through the debt-equity swap.[14]
Current operations
APCOA is presently the market leading provider of car parking (by number of spaces managed) in Germany (225,000 spaces), Norway (96,900), Denmark (61,900), Austria (48,100), Italy (42,400), and Poland (12,600).[9][needs update]
References
- ^ a b APCOA at Sovereign Publications Archived November 25, 2007, at the Wayback Machine
- ^ Parking, APCOA (9 November 2023). "Office locations - APCOA PARKING". www.apcoa.com.
- ^ Parking, APCOA. "Car parking – parking management by - APCOA PARKING". www.apcoa.com.
- ^ "Strategic Value Partners Completes Acquisition of APCOA Parking Holdings". APCOA. Retrieved 2024-02-28.
- ^ a b c d e APCOA Company History Archived July 7, 2011, at the Wayback Machine
- ^ "History of Holberg Industries, Inc. – FundingUniverse". fundinguniverse.com.
- ^ a b c Eurazeo buys into European car parks The Times - February 19, 2007
- ^ APCOA" British Parking Awards winner - 2006 Archived October 25, 2007, at the Wayback Machine
- ^ a b Eurazeo to purchase APCOA Archived October 25, 2007, at the Wayback Machine
- ^ England and Wales High Court (Queen's Bench Division), Apcoa Parking (UK) Ltd v City of Westminster [2010] EWHC 943 (QB), judgment handed down 29 April 2010, accessed 13 January 2024
- ^ "Apcoa: Knifflige Finanzierungsverhandlungen". 15 October 2013.
- ^ Ruckin, Claire (5 November 2013). "Centerbridge buys up Apcoa's debt before restructuring". Reuters.
- ^ Parking, APCOA. "Read Article - APCOA PARKING restructuring Scheme of Arrangement Sanctioned - APCOA PARKING". www.apcoa.com. Archived from the original on 2017-11-07. Retrieved 2017-11-04.
- ^ Kingston, Charles (18 February 2015). "Parking operator APCOA restructures, lowers debt by €440m".
External links
This page was last edited on 28 February 2024, at 14:54