Capita Plc (LSE:CPI), a leading provider of technology enabled business services, announced on Thursday 12th July 2018 that it had 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 completed 5 November 2018.
ParkingEye is a UK-wide carpark management business, utilising automatic number plate recognition (ANPR) to monitor customer carparks. ParkingEye’s underlying revenue and operating profit were £40m and £14m respectively in the year to 31 December 2017.
MML Capital Partners LLP is a private equity house founded in 1988, providing capital to European and US businesses for expansion, acquisitions, recapitalisations, and management buyouts. Smith Square Partners provided financial advice to MML on the transaction.