Private equity firms are in pole position to win the €750 million ($982 million) battle for Apcoa, a car park operator owned by buyout group Investcorp, after two of the major bidders reportedly pulled out of the bidding.
NCP, a UK car park operator backed by buyout firm 3i, and Australian bank Macquarie have both withdrawn their interest because the length of leases on Apcoa’s car parks are too short for a typical infrastructure-type investment, according to the UK-based Times newspaper.
This leaves French buyout firm Eurazeo and UK groups Bridgepoint Capital and TDR Capital as front-runners in the race to buy Apcoa, the paper said.
Apcoa manages over 70,000 parking spaces in airports and city centres in ten European countries.
Eurazeo already owns Europcar, a car rental group that makes 35 percent of its revenues from airport hires. Bridgepoint also has experience in the sector, having previously owned Scandinavian operator CarPark, where it made a return of seven times its original investment.
The paper reports that second round bids, which could value the company at €750 million, are due on Friday this week.