APCOA Parking

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APCOA Parking logo.png
This article is about the European parking facilities operator. For the acquired US parking facilities operator, see Airport Parking Company of America.

APCOA Parking AG is Europe's longest-established full service parking management company,[1] managing over 860,000 parking spaces, across 15 countries and with around 4,500 employees. It is headquartered at Stuttgart Airport in Germany.

History[edit]

APCOA was founded as the Airport Parking Company Of America, Inc in Cleveland, Ohio by Howard Metzenbaum and Ted Bonda in 1949. The company would be acquired and would become a division of the ITT Corporation of New York, USA in 1966.[2][3]

In 1970, APCOA Autoparking GmbH was founded in Stuttgart,[4] under the German wing of ITT, called SEL. The company then expanded quickly across Europe, entering:[2]

Ireland By the mid-1980s, most of the European in-country companies had been divested from ITT, and slowly over the next ten years the management of APCOA Autoparking GmbH began to re-integrate the group under common ownership.[1] The US operations of APCOA were purchased from ITT Corporation through a management buyout in 1975 and ultimately merged with Standard Parking in 1998.

In 1991, venture capital company CWB Capital Partners of London financed a management buyout. The company changed its name to APCOA Holding AG in 1994, and in 1995 changes its name to APCOA Parking AG and floats on the Frankfurt Stock Exchange, with 75% of shares held by UK registered investors. The company now embarks on a period of acquisition, expanding to include locations including: Karlsruhe; Warsaw, Poland; Antwerp, Belgium; and in 1999 Europark in Norway, Sweden and Denmark, a band which APCOA often uses as an alternate to its main brand.[2]

In 1999, Salamander AG of Kornwestheim acquired 27.1% of APCOA Parking AG shares in April, and took complete control from October. The company continued to expand through acquisition, including: the parking subsidiary of UK based First Group. In 2002 EnBW-AG of Karlsruhe buys 98.7% of Salamander AG, to virtually control APCOA Parking AG.[2]

After consolidating various partnerships to 100% ownership, the company continues its development path by expanding into Eastern Europe, entering Rijeka, Croatia in 2003. The company was delisted from the Frankfurst Stock Exchange in 2003.[2]

Current operations[edit]

On 30 June 2004 Investcorp acquired 98.3% of APCOA Parking AG shares from EnBW AG, through its vehicle Parking Holdings GmbH for 265 million including debt.[4] In 2005 the company entered Switzerland, and changed the name of Parking Holdings GmbH to APCOA Parking Holdings GmbH (APHG). APCOA is presently the market leading provider of car parking (by number of spaces managed) in six European countries:[6]

  • Germany (225,000)
  • Norway (96,900)
  • Denmark (61,900)
  • Austria (48,100)
  • Italy (42,400)
  • Poland (12,600)

After a bidding battle with National Car Parks owned by 3i, and Australia's Macquarie Bank;[4] on 19 February 2007 French based investment company Eurazeo announced the proposed purchase of APCOA Parking AG for 885 million from Investcorp.[6]

References[edit]

External links[edit]