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FCC sells EYSA to funds managed by N+1 Private Equity for 115 million euro

29/07/2011

FCC sells EYSA to funds managed by N+1 Private Equity for 115 million euro

FCC has agreed to sell Estacionamientos y Servicios, S.A. (EYSA) to funds managed by N+1 Private Equity (Dinamia and N+1 Private Equity Fund II) for 115 million euro. EYSA provides services such as on-street car park management, vehicle tow and impoundment, and development of computer applications for processing traffic fines.
FCC sells EYSA to funds managed by N+1 Private Equity for 115 million euro

It manages over 120,000 on-street parking spaces in 60 Spanish cities and provides vehicle tow-away services in 18 of them. In 2010, EYSA obtained new contracts in San Sebastián, Salamanca, Benicàssin and Huércal-Overa.

The agreement is subject to certain conditions precedent, such as approval by the competition authorities, and is the result of dynamic portfolio management by FCC, which includes divesting non-core businesses and allocating the funds to core businesses: environmental services, infrastructure and energy. More than 60% of EBITDA came from Environmental Services and Energy activities in the first half of 2011.

The sale of the on-street car park business will enable FCC to reduce its financial debt, which is one of the company's main objectives in the current economic situation. In the first half of 2011, financial debt declined by 3% year-on-year.

FCC will exit the car park business entirely as a result of this divestment. In July 2010, Mutua Madrileña acquired 31 FCC underground car parks (10,500 spaces) for 120 million euro.

FCC Citizen Services
FCC is a Citizen Services group with revenues of over 12 billion euro. Its main areas of activity are management of environmental and urban services (household and industrial waste, street cleaning and maintenance, park and garden maintenance, urban furniture and end-to-end water management), design and construction of infrastructure and social amenities, and development of renewable energies. The group, whose main shareholder is Esther Koplowitz, employs 90,000 people in 54 countries.

Further Information: www.fcc.es


N+1 Private Equity
N+1 Private Equity is one of the leading private equity firms targeting the Spanish and Portuguese markets. It is specialised in management buyouts and buy-ins and development capital transactions in middle- market companies (enterprise value of 50-250 million euro). In addition to Dinamia, N+1 Private Equity also provides investment advice to N+1 Private Equity Fund LP and manages N+1 Private Equity Fund II.

Over the last 18 years, it has invested in 44 companies and divested 29.

Further information: www.nmas1.com

Dinamia
Dinamia, the only listed venture capital firm in Spain, has net assets totalling 133 million euro (30 June 2011).

Further Information: www.dinamia.es