Capita announces the disposal of ParkingEye
Capita announces the disposal of ParkingEye
Capita plc (Capita) announces today that it has reached an agreement to sell its parking management business, ParkingEye, to a vehicle owned by Macquarie and funds advised by MML Capital Partners for a cash consideration of £235m. The transaction is expected to close later this year.
The transaction is in line with Capita’s strategy of simplifying the business, focusing on growth markets and disposing of non-core businesses.
ParkingEye’s underlying revenue and operating profit were £40m and £14m respectively in the year to 31 December 2017 and the business had gross assets of £22m. In Capita’s half year results, ParkingEye will be reported as a business exit in non-underlying items. The cash proceeds will be used to reduce net indebtedness.
Jon Lewis, Chief Executive Officer, Capita, said “This transaction marks a further step in executing the strategy announced in April aimed at simplifying and strengthening the business to deliver future success.
Together with the four disposals already completed this year, we now expect to raise more than £400m from non-core disposals in 2018, well ahead of our target of £300m.â€
Goldman Sachs International acted as Capita’s sole financial advisor on the transaction.
This announcement contains inside information.
ENDS
Notes to editors:
ParkingEye is the leading provider of Automatic Number Plate Recognition (ANPR) enabled car park management in the UK, providing car park management and enforcement services on behalf of clients across a number of sectors including retail, hospitality, education and the NHS.
Capita’s non-core disposal programme this year includes four completed transactions: Supplier Assessment Services for £160m, Capita Specialist Insurance Services Ltd for £16m, Projen Ltd for £2.75m and Medicals Direct Group Ltd for £2.7m.
ENDS
Investor enquiries
Andrew Ripper, Head of Investor Relations
Fiona O’Nolan, IR Director
Tel: 020 7654 2220/020 7654 2281
Email:IRteam@capita.co.uk
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Capita press office
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Email:media@capita.co.uk
Capita is a leading provider of technology enabled business services, operating across five key markets: Software; People Solutions; Customer Management; IT Services and Government Services. Working across the UK, Europe, India and South Africa, we use our expertise, talent and technology to partner with our clients to transform services and add value for all their stakeholders. Capita is quoted on the London Stock Exchange (CPI.L). Further information on Capita can be found at: http://www.capita.com
Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK, is acting exclusively for Capita plc and no one else in connection with the potential sale of Supplier Assessment Services Limited and any other matter referred to in this announcement and will not be responsible to anyone other than Capita plc for providing the protections afforded to clients of Goldman Sachs International, or for providing advice in relation to the potential sale of Supplier Assessment Services Limited or any other matter referred to in this announcement.
LEI no. CMIGEWPLHL4M7ZV0IZ88.
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