“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 (partial) sale of Yellowbrick.”
Robert Jan Staartjes, Co-owner of Waysis
Dutch company Waysis and its French counterpart Parkeon 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 of time, the Benelux activities from Yellowbrick, operating under Waysis’ group entity Brick Parking, were kept outside the joint venture. This transaction consolidated all RTP activities under a single entity with the aim of further strengthening and expanding 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 Parkeon and 30% for Waysis.
Role Yuno Advisors
Yuno Advisors assisted Waysis throughout the entire merger and acquisition process with Parkeon. We also 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. Also, 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.
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 over 160 municipalities offering the service as well as many Q-Park garages. Furthermore, Yellowbrick is rapidly growing in Belgium in cooperation with a local partner.
Parkeon is a French private 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. As a former division of Schlumberger, Parkeon was split-off through a management buy-out backed by Apax Partners in 2003. After secondary buy-outs with Barclays Private Equity and Intermediate Capital Group (ICG), Astorg Partners has become Parkeon’s majority shareholder in 2016. With activities in more than 4,000 cities in no less than 60 countries, €215 million net sales in 2016 and over 1,000 employees, Parkeon has built a strong international positions over the last 40 years.
About Yellowbrick International
Waysis and Parkeon 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.