Yellowbrick
What we like about Yuno is their combination of knowledge, involvement and engagement for the long haul.
“We have worked with Yuno’s team for years, and successfully finalized numerous projects. What we like about Yuno is their combination of in-depth knowledge, involvement and engagement for the long haul. Therefore, we also succeeded in our latest project, the sale of Yellowbrick.”
Robert Jan Staartjes, Co-owner of Waysis
Deal
Dutch company Waysis and Flowbird Group (former Parkeon) from France decided to merge all their Real Time Parking (RTP) activities into one combined international group. Already in 2014 both companies created the joint venture Yellowbrick International in which all RTP activities of both companies outside the Benelux were bundled. At that point in time, the Benelux activities from Yellowbrick, operating under Waysis’ group entity Brick Parking, were kept outside the joint venture. With a subsequent transaction in 2017, all RTP activities were consolidated under a single entity with the ambition to further strengthen and expand Yellowbrick International’s position.
Part of this complex merger transaction was an indirect sale of a stake of Waysis in Brick Parking to keep the share percentages in the joint venture at the same level, with 70% for Flowbird and 30% for Waysis. After Parkeon’s acquisition of the Swedish company Cale in 2018, the combined companies were renamed Flowbird Group, the group subsequently acquired the remaining 30% in Yellowbrick International, completing the M&A trilogy with regard to Yellowbrick.
Role Yuno Advisors
Yuno Advisors assisted Waysis throughout the entire merger and acquisition process with Flowbird. We advised Waysis in the creation of the joint venture Yellowbrick International in 2014, and hence, we were fully up-to-speed in the existing structure and relations between both partners. Our advisory services in respect of this deal encompassed both the valuation and deal-structuring aspects, which were complex in terms of economics as well as from a legal point of view. Moreover, we coordinated the process for Waysis, including the translation from the deal principles in a letter of intent and subsequently the detailing of final transaction documentation, including a new shareholder agreement, SLAs, contribution agreements and a share purchase agreement.
Yuno also coordinated the due diligence investigation and advised on the structuring of a new management participation plan. During the last transaction in 2019, in addition to the the remaining 30% stake of Waysis in Yellowbrick International that had to be valuated, the final deal negotiations had to be arranged, during which Yuno Advisors acted on behalf of Waysis.
About Waysis & Yellowbrick
Waysis is market leader in the Netherlands in the field of “on street” parking solutions and enforcement. Also, the company is active in off-street parking solutions and city access control. In addition to its operating companies Taxameter Centrale for ‘traditional’ parking solutions and Brickyard for enforcement, Waysis founded Yellowbrick in 2006, a specialized company aimed at supplying mobile – Real Time – parking solutions. Meanwhile, Yellowbrick and ‘bricken’ have been widely accepted by consumers in the Netherlands, with around 180 municipalities offering the service as well as 150+ Q-Park garages and over 160 Parkbee-locations.
About Parkeon
Flowbird Group is a French privately company with its head office in Paris, and can pride itself as world market leader in in the field of urban mobility and smart city solutions. After the acquisition of the Swedish company Cale by Parkeon in 2018, the Group merged into Flowbird Group. Formerly, Parkeon was a division of Schlumberger, and after a split-off was subsequently owned by private equity parties Apax Partners, Barclays Private Equity and Intermediate Capital Group (ICG). Since 2016, Flowbird has been part of the portfolio of Astorg Partners. With activities in more than 4,000 cities in no less than 60 countries, €350 million net sales in 2019 and over 1,300 employees of which 400+ active in R&D, Flowbird has built a leading international position.
About Yellowbrick International
Waysis and Flowbird decided to join forces in 2014 by creating the joint venture Yellowbrick International in relation to the vast development of digitalization of payment solutions, and opportunities on the international markets of paid parking and RTP. Yellowbrick International is located in Amsterdam with a specialised team of experts, and is focused on further development of the RTP platform and international roll-out of mobile parking payment solutions across the globe, deploying the existing brand names Yellowbrick and Whoosh! also in new markets. Meanwhile, Yellowbrick International has made steps outside the Benelux in a.o. France, Germany, Spain, Sweden, the UK and the USA.