Osborne Clarke, together with Tel Aviv firm Erm and the office of Kegler Brown (Columbus, Ohio), advised FAAC in the transaction that led to the signature of a binding agreement for the acquisition, from the Israeli private equity fund TENE Capital, the Afcon group, and from a series of minority shareholders, of the entire shareholding in the TIBA Parking Systems group. The transaction is subject to the usual completion conditions and the closing is expected to take place in mid January 2021.
FAAC is an Italian multinational operating in the sector of automated systems and access control for vehicles and pedestrians. TIBA Parking Systems is a leading international manufacturer in the production of complete parking access and revenue control systems.
TIBA has its general headquarters in Tel Aviv, where an important R&D centre is also located, but generates the majority of its revenue on the North American market, where in only a few years of business it has managed to conquer the leadership with a market share of over 20%.
The acquisition, valued at 135 million Euro, was financed in part using its own funds and in part by leverage financing, and therefore forms the largest transaction in the history of the Italian multinational from a financial perspective. With this transaction FAAC continues to strengthen its positions in the parking systems segment, gaining the leadership position on the largest market worldwide, that of North America, and becoming one of the top players worldwide.
Osborne Clarke's team was led by Italy's managing partner Riccardo Roversi and was composed of partner Alessandro Villa together with Giulia Basile, Ludovica Venafro, Davide Alesso and Carolina Scolari.