As part of Investcorp’s private equity portfolio, APCOA added around 900 car parks, cut about 300 jobs and increased turnover by almost €90m.
Thilo Sautter, head of the German private equity practice at Investcorp, said: “We are delighted with the sale of APCOA to Eurazeo, after having led the successful transformation of APCOA to the leading European car park operator.
Eurazeo’s track record in the vehicle services sector includes Fraikin, the French commercial vehicle rental company recently sold to CVC for €1.35bn, and Europcar, the French passenger and other light vehicle rental company it acquired in March last year for €1.26bn from Volkswagen.
Xavier Marin, member of the Eurazeo executive board, said: “APCOA enjoys excellent operational performance. It benefits from major advantages which have allowed it to become the leading pan-European parking operator based on the commitment of its people, expertise, brand recognition and quality locations. We will be working with the management to pursue this growth strategy and to further the group’s development in areas of Europe where it is not yet present.”