Capita plc: Capita acquires ParkingEye
23 October 2013
Capita acquires ParkingEye
Capita plc has today announced that it is acquiring ParkingEye, a provider of technology based car parking services, for an enterprise value of £57.5 million on a cash free debt free basis.
ParkingEye's automatic number plate recognition (ANPR) based management system is used by clients to provide remote enforcement, management information and alerting systems. The technology, which is adaptable across market sectors, is designed to ensure that car parks are used by individuals with a legitimate right to use them and allows clients to retain a fair approach to parking charges and cancellations. The business currently provides services to clients such as Aldi, Morrisons and British Land.
ParkingEye is forecasting an operating profit of £8.1 million on turnover of £ 25.8 million in its financial year to 31 August 2014.
Speaking of the acquisition, Capita chief executive Paul Pindar said: "This acquisition will allow Capita to develop a complete and sophisticated car park management and enforcement business for new and existing clients in leisure, local government, the NHS, education and the retail industry, including Capita's extensive customer base. It has synergies with our existing cash collection and payment processing business and will allow us to offer clients the benefits of a well-managed car park, creating availability for customers, citizens and patients."
The acquisition will be satisfied in cash of £54.8m (£23.9m payable on completion and £30.9m payable at certain times during the period up to and including February 2014) and the issue of 413,421 ordinary shares of 2 1/15p each in Capita plc (`Consideration Shares') to certain selling shareholders.
Based in Chorley, Lancashire, ParkingEye has around 160 employees, managing more than 830 car parks across the UK.
1. The price per share at which the Consideration Shares are issued is 980.75p (being equal to the closing mid market price of an ordinary share of Capita plc on 21 October 2013).
2. Application has been made for the Consideration Shares to be admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market of the London Stock Exchange plc (together `Admission'). It is expected that Admission will take place at 8.00 a.m. on 24 October 2013 at which time dealings in the Consideration Shares will commence. The Consideration Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing ordinary shares of Capita plc including the right to receive all dividends and other distributions declared, made or paid after the date of issue of the Consideration Shares.
For further information:
Capita plc Tel: 020 7799 1525 Paul Pindar, Chief Executive Officer Shona Nichols, Corporate Communications Director
Media enquiries only:
Capita press office Kirsty Sewter Tel: 020 7654 2386 or 020 7654 2399 (out of hours) Email: firstname.lastname@example.org
Capita plc is the UK's leading provider of business process management and integrated professional support services. With 62,000 people at more than 350 sites, including 70 business centres across the UK, Europe, India and South Africa, the Group uses its expertise, infrastructure and scale benefits to transform its clients' services, driving down costs and adding value. Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent of the FTSE 100 with 2012 revenue of £3.3 billion. Further information on Capita plc can be found at: www.capita.co.uk
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