Centerbridge to sell parking garage manager

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Investment group Centerbridge is planning a sale of parking garage manager Apcoa, which could be valued at more than €1bn (US$1.1bn).

The investor, which took control of Apcoa through a debt to equity swap in 2014, has mandated JPMorgan and Goldman Sachs as sell-side advisers and is expected to dispatch first information packages to prospective buyers during this month
Apcoa is expected to post earnings before interest, tax, depreciation and amortisation of about €85m this year and could be valued at more than 12 times that figure.

Earlier this year, Moody’s raised Apcoa’s credit rating outlook, citing strong earnings, after it had voiced concerns in 2017 after a debt-funded dividend payment.

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