Bryan, Garnier & Co acts as Sole Financial Advisor to Conduent in the sale of their off-street parking business to Andera Partners
Context
Formed in 2017 as a spin-off from Xerox, Conduent Inc. (NYSE : CNDT) is one of the world’s largest providers of diversified business process outsourcing services (BPO) with leading capabilities in transaction processing, automation and analytics.
Considered as non-core for Conduent since its separation from Xerox, the company has agreed to carve-out its off-street and airport parking business in France, the United Kingdom and the United States to Andera Partners (Ex- Edmond de Rothschild Investment Partners) and the company’s management.
The divested business designs based in three geographies, installs and maintains comprehensive car-park ticketing solutions. The business has generated EUR37 million in 2017 and counts 150 employees in its three office. It serves worldwide blue-chip customers (car-park operators), municipalities and airports.
The business already benefits from a leading position in France (c. 40% market share) and continues its fast international expansion, notably in emerging markets through local distributors.
Transaction highlights
Bryan, Garnier & Co acted as the Sole Financial Advisor to Conduent and management on the transaction.
Bryan, Garnier & Co organized and led a competitive dual-track process executed in a timely manner, involving tier-1 financial sponsors and strategic bidders from all over the world.
The carve-out and cross-border situation resulted in complex due diligence, legal and transitioning matters. We assisted Conduent in structuring and negotiating the transaction.
This operation marks Bryan Garnier’s expertise in complex and international situations while consolidating our longstanding relationship with Xerox/Conduent, notably after the sale of the Xerox European Artificial Intelligence Research Lab to Naver in October 2017.
About Conduent
Conduent is the world's largest provider of diversified business services with leading capabilities in transaction processing, automation and analytics. The group offers digital payments, claims processing, benefit administration, automated tolling, customer care and distributed learning services to a large and diverse client base composed of most of the Fortune 100 companies and over 500 government entities.
About Andera Partners
Andera Partners (formerly known as Edmond de Rothschild Investment Partners) is a leading management-owned Private Equity fund investing in unlisted companies in France and internationally. It manages more than EUR2 billion investments in small and mid-cap companies in growth capital and buyout (through Cabestan Capital and Winch Capital), Healthcare & Life Sciences (through BioDiscovery) and provides sponsorless mezzanine debt support (with ActoMezz).
About Bryan, Garnier & Co
Bryan, Garnier & Co is a European, full service growth-focused independent investment banking partnership founded in 1996. The firm provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their investors. It focuses on key growth sectors of the economy including Technology, Media & Telecoms, Healthcare, Smart Industries & Energy, Consumer, Brands & Retail and Business Services. Bryan, Garnier & Co is a fully registered broker dealer authorized and regulated by the FCA in Europe and the FINRA in the U.S. Bryan, Garnier & Co is headquartered in London, with additional offices in Paris, Munich, Zurich and New York. The firm is a member of the London Stock Exchange and Euronext.
Deal team
Guillaume Nathan
Partner
T: +33 1 56 68 75 27
Jonathan Bohbot
Vice-President
T: +33 1 56 68 75 59
Clément Decante
Analyst
T: +33 1 56 68 75 62
In the News
-
Bryan, Garnier & Co acts as Sole Financial Advisor to IK Investment Partners on its acquisition of Recocash
-
Bryan, Garnier & Co acts as Sole Financial Advisor to the Belgian consultancy firm Intys on its equity investment from Omnes
-
Bryan, Garnier & Co acts as Sole Financial Advisor to the audio tech company Arturia on its capital reorganisation led by EMZ Partners
-
Bryan, Garnier & Co acts as Sole Financial Advisor to drone software leader Unifly on a €17 million capital raise
-
Bryan, Garnier & Co makes significant move into the Nordics with the acquisition of Beringer Finance