ZEAG Group has been acquired by FAAC Group
Arrowpoint Advisory has advised Hallmark Industries and the shareholders of ZEAG Group on the sale of the business to Italian Group FAAC SpA. Headquartered in Zurich, Switzerland, ZEAG Group was ultimately owned by trans-Atlantic private equity firm MML Capital Partners, through its Hallmark Industries portfolio company.
ZEAG develops and assembles car parking equipment and systems, providing both new products and aftersales service and support. Typical clients include airports, hospitals, shopping centres and public car parks. ZEAG is an international business with subsidiaries in the UK, USA, Canada and South Africa, and a network of global distributors.
Bernard Lacoste, CEO of ZEAG, commented: "We are excited to join the FAAC Group, and we believe that its international coverage, made up of 15 sales and service offices in all key markets, will represent a boost for ZEAG growth in those markets where ZEAG currently does not have a direct presence. The FAAC and ZEAG combination will release additional business potential starting this year."
Ian Wallis, Managing Partner of MML Capital in the UK, added "This is a good result for all of the stakeholders involved. It is a strong exit for Hallmark and MML at a suitable multiple, and I am sure ZEAG will perform well under the stewardship of FAAC. We acknowledge Arrowpoint Advisory's key support throughout the process."
James Lever, Managing Director at Arrowpoint Advisory, said: "We are delighted to have continued our successful relationship with Hallmark Industries and MML Capital, in completing our second divestment for them in two months."
Alex John, Director at Arrowpoint Advisory, added: "There are obvious synergistic benefits of this deal for both FAAC and ZEAG. ZEAG will enable FAAC to broaden its offering in the parking systems sector, and offer their respective clients a more complete ˜one-stop' solution."