Merger digital parking Yellowbrick International
May 30, 2017
Yuno Advisors advised the Dutch company Waysis concerning the merger of Yellowbrick (active in the Benelux) with the joint venture Yellowbrick International (active outside the Benelux) that was created together with its French partner Parkeon in 2014. This transaction leads to one integrated Real Time Parking (RTP) group with the ambition to further expand its leading international position. Yuno Advisors assisted Waysis in the entire merger process with Parkeon.
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.
In view of the vast development of digitalization of payment solutions, and opportunities on the international markets of paid parking and RTP, Waysis and Parkeon decided to join forces in 2014 by creating the joint venture Yellowbrick International, aimed at further developing and expanding RTP outside the Benelux. 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.
As part of this transaction Waysis merged its majority shareholding in Yellowbrick’s Benelux activities in Yellowbrick International, creating one integrated RTP group by Parkeon and Waysis. Yuno Advisors advised Waysis on this M&A transaction. Our advisory included the merger structuring, valuation, due diligence co-ordination, transaction documentation including new shareholder agreement and share purchase agreement, deal negotiations and various other activities.
Click here to view the original press release by Waysis and Parkeon.