Intermediate Capital to receive EUR128m from sale of Parkeon

Intermediate Capital Group has made a solid gain on its investment in French parking meter and public transport ticketing group Parkeon, which was sold to Paris based private equity group Astorg on Tuesday.

ICG and fellow owner American Capital completed the sale of Parkeon on Tuesday for an undisclosed sum and ICG revealed that it will receive total proceeds at the time of exit of €281.8m, with 45.4% of the proceeds being received by the FTSE 250 company and other members of its group, amounting to nearly €128m, with the rest for ICG European Fund 2006 B.

ICG invested a total of €104.7m in Parkeon since it became majority owner in 2013, following previous careful owners Barclays Private Equity and APEX Partners.

ICG noted that as part of its transition to a fund management business model there were only a small number of co-investments valued at more than £50m on its balance sheet.

"ICG considers that investments below this size are not material to the overall business. ICG will therefore not make further announcements of realisations other than in respect of investments in excess of £50m."

Shares in Intermediate Capital were down 0.55% to 636p after 20 minutes of trading on Wednesday.