Statement re Investment into Easypark Group

RNS Number : 4322A

Schroder British Opportunities Tst.

01 June 2021

 

Schroder British Opportunities Trust plc

Investment into Easypark Group

Schroder British Opportunities Trust plc ("SBO" or the "Company") is pleased to announce it has made an investment into Easypark Group, the fast-growing European mobility company that helps drivers to find, manage, and pay for both parking and electric vehicle charging. Easypark Group's technology supports its users, the companies they work for, cities and parking operators with parking administration, planning and management working seamlessly in over 2,200 cities across 20 countries throughout Europe and Australia. SBO invested via its co-investment partner, Verdane, a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses and an early stage investor of Easypark Group, alongside Vitruvian Partners.

SBO's investment provides part of the financing for Easypark Group's acquisition of PARK NOW Group ("PARK NOW") from BMW Group and Daimler Mobility AG, which has completed today.

PARK NOW operates under the brands RingGo, PARK NOW, Park-line and ParkMobile with 43 million users in 11 countries, including the UK where it has a market-leading position which Easypark Group plans to expand further. PARK NOW offers a broad portfolio of digital services related to parking − both in car parks and on-street in more than 1,100 cities. Customers can reserve, book, and pay for parking spaces online in advance via the app.

The acquisition of PARK NOW Group will enable Easypark Group to grow further and become a global pacesetter within digital parking, electrical vehicle charging and mobility services. The two companies are perfectly positioned for market coverage in the US and Europe. Both service providers are deeply committed to customer satisfaction, and share a corporate culture based on technological enthusiasm and a relentless pursuit of improvement. With global coverage and scale, as well as an integrated portfolio, Easypark Group intends to make cities more liveable by driving the development of smart and integrated digital services.

In February 2021, Easypark Group also announced that its parking app will be the first to enable on-street parking through Apple CarPlay, Apple's in-car screen mirroring technology. The app lets users pay for parking and charging their electric vehicle, without using either a smartphone or wallet. With an increasing percentage of newly sold cars featuring Apple CarPlay, we believe this is an important innovation for the future.

This investment is in line with SBO's focus on backing high-quality, high growth businesses, with opportunities for significant further expansion and a strong alignment between shareholder value and fundamental positive purpose in society. The investment is consistent with the United Nations' Sustainable Development Goal ("SDG") 11 "Sustainable Cities and Communities". Easypark Group is headquartered in Sweden, but following the acquisition of PARK NOW will have a significant presence in the UK. Despite this, for reporting purposes, Easypark Group will form part of SBO's allocation to non-UK companies which is capped at 20% of net asset value. 

Tim Creed, Head of UK and European Private Equity at Schroders, commented: "We are delighted to announce SBO's sixth private equity investment. Easypark Group is a business that we have known for several years through our relationship with Verdane. We see this as an exciting opportunity to back a highly scalable platform business at the heart of the parking ecosystem which has experienced rapid change as a result of increasing smartphone penetration. The acquisition of PARK NOW is highly complementary to the existing Easypark Group geographic footprint and unlocks three sizable markets - the UK, Netherlands and US - which significantly expands the total addressable market. The combined group will hold a clear leadership position in the UK, Europe and the fast-growing but underpenetrated US market."

 Enquiries:

Schroder Investment Management Limited   Benjamin Hanley (Company Secretarial)   Ekaterina Kalinina (PR)	020 7658 6000
Peel Hunt   Liz Yong, Luke Simpson, Tom Pocock (Investment Banking)   Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)	020 7418 8900

About Schroder British Opportunities Trust plc

Schroder British Opportunities Trust plc has been established to invest in a diversified portfolio of both public equity investments and private equity investments consisting predominantly of UK Companies with strong long-term growth prospects.

ESG company engagement is a key feature of the Company's investment strategy. The Company's focus is on companies with business models which are considered to be sustainable in terms of both the longevity and durability of their businesses and their environmental, social and governance (ESG) behaviours.

The Company's ordinary shares are listed on the premium listing segment of the Official List of the Financial Conduct Authority and have been admitted to trading on the main market for listed securities of the London Stock Exchange in December 2020 under the ticker "SBO".

Further information on the Company is available at  www.schroders.com/sbo.

About Easypark Group

EasyPark Group is a leading, fast growing parking tech company that helps drivers find and manage parking and charge their electrical vehicle. Our unique and cutting-edge technology also helps businesses, cities, parking operators and property owners with administration, planning, and data driven management in over 2,200 cities across 20 countries. We make urban life easier, one parking spot at a time. Visit www.easyparkgroup.com to find out more.

About Verdane

Verdane is a specialist growth equity investment firm that partners with sustainable, tech-enabled Northern European businesses to help them reach the next stage of international growth. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy behind three core themes; the Digital Consumer, Software Everywhere and Sustainable Society. Verdane funds hold more than €3bn in total commitments and have made over 120 investments in fast-growing businesses since 2003. Verdane's team of over 70 investment professionals and operating experts, based out of Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled businesses in Northern Europe.

More info:  www.verdane.com  
Follow Verdane on  LinkedIn  

 

END

 

 

STRSSSFSFEFSEDM