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.”
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
Media enquiries
Capita press office
Tel: 0207 654 2399
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.