BMW Group and Daimler Mobility intend to sell PARK NOW Group to EasyPark Group
The proposed acquisition of PARK NOW Group enables EasyPark Group to take the next strategic step in becoming a cutting-edge global digital mobility player through combining state-of-the art technology and coverage. Both shareholders, BMW Group and Daimler Mobility AG, have evolved PARK NOW Group into a global provider of digital parking services. The intended sale of PARK NOW Group to EasyPark Group will expand the coverage of state-of-the-art digital parking and mobility services - offering both on- and off-street parking, parking guidance (Find & Park), electrical vehicle charge functions and seamless in-car integration.
As announced at today’s signing, BMW Group and Daimler Mobility AG have agreed to sell their joint venture PARK NOW Group to EasyPark Group, subject to prior approval by the relevant authorities. PARK NOW is the parking operation of the carmakers’ YOUR NOW Joint Ventures along with services for car sharing (SHARE NOW), ride hailing and trip planning (FREE NOW/REACH NOW), as well as charging (CHARGE NOW) in Europe, and North and South America. EasyPark, a strong and highly experienced international player that this year celebrates its 20-years anniversary, intends to acquire PARK NOW Group in order to further expand its business activities according to their global growth plan.
Under the umbrella of PARK NOW Group, both owners of the YOUR NOW Joint Ventures have developed a global provider of digital parking services in recent years. PARK NOW Group operates under the brands RingGo, PARK NOW, Park-line and Parkmobile in 11 countries. PARK NOW Group offers a broad portfolio of digital services related to parking − both in car parks and on-street in more than 1,100 cities. Customers can reserve, book, and pay for parking spaces online in advance via the app.
EasyPark is a fast-growing, European mobility company that helps drivers remotely find, manage, and pay for both parking and electric vehicle charging. With its cutting-edge technology, EasyPark supports its users, the companies they work for, cities and parking operators with parking administration, planning and management working seamlessly in over 2,200 cities across 20 countries throughout Europe and Australia. The company was recognized by Deloitte as one of the “Best Managed Companies” in 2019 and 2020.
The intended acquisition of PARK NOW Group enables EasyPark to grow further and become a global pacesetter in parking-related digital mobility services. The two companies are perfectly positioned for market coverage in the US and Europe. Both service providers are deeply committed to customer satisfaction, and share a corporate culture based on technological enthusiasm and a relentless pursuit of improvement. They are driven by a passion for smart mobility and cleaner, more liveable cities. With its global coverage and scale as well as an integrated portfolio, EasyPark intends to fund additional growth and expansion and will offer even better, integrated services to their customers in the future.
“We welcome Easy Park’s acquisition of our joint parking services business. This is a substantial step in the ongoing evolution of these digital services and will create a sustainable momentum to the benefit of customers and of further innovation,” says Rainer Feurer, Vice President of Corporate Investments at BMW Group.
“With PARK NOW, we have built up a significant player in the digital services market. PARK NOW and EasyPark are a perfect match that will provide attractive offers for customers worldwide,” says Stephan Unger, Member of the Board of Management of Daimler Mobility for Finance, Controlling, Risk Management and Digital Mobility Solutions.
“We are pleased to welcome PARK NOW Group, its customers and the whole team to the EasyPark Group. This enables us to add value and simplify mobility in day-to-day life for more cities, parking operators and our joint users. The acquisition is strategically important in order to accelerate our long-term growth innovative capabilities,” says Johan Birgersson, CEO of EasyPark Group.
PARK NOW Group CEO Jörg Reimann says: “PARK NOW Group and EasyPark Group share a common goal - to create solutions that streamline parking into something simple, quick and effortless for drivers, operators and cities. It feels good to further drive innovation with EasyPark. For the parking business, the conditions to build and win scale through this process are particularly strong. The whole is greater than the sum of its parts.”
The parties have agreed not to disclose the terms of the transaction. The deal is subject to prior approvals by the relevant antitrust authorities.
About Easypark Group
EasyPark is a leading, fast growing parking tech company that helps drivers find and manage parking and charge their electrical vehicle. Our unique and cutting-edge technology also helps businesses, cities, parking operators and property owners with administration, planning, and data driven management in over 2,200 cities across 20 countries. We make urban life easier, one parking spot at a time. Visit www.easyparkgroup.com to find out more.
Daimler Mobility at a Glance
In addition to Mercedes-Benz AG and Daimler Truck AG, Daimler Mobility AG is one of the three business divisions of Daimler AG. It has about 11,650 employees and specializes in financial and mobility solutions. Its products range from leasing, financing, and insurance products to innovative fleet management systems and app-based mobility services. As a financial services provider, the business division supports the sales of the Daimler Group’s automotive brands worldwide. In Germany, Mercedes-Benz Bank AG, part of the Daimler Mobility division, is one of the country’s leading automotive banks. It provides around one million customers with financial leeway as well as call-money and fixed-interest-rate accounts in the direct banking business. The product range is supplemented by flexible mobility services such as Mercedes-Benz Rent and EQ subscriptions, which enable an uncomplicated and flexible entry into electro mobility. Through its subsidiary Athlon, Daimler Mobility is represented in the commercial fleet management segment as well as in vehicle leasing in Europe. The company manages more than 400,000 vehicles in total. As a strategic investor, Daimler Mobility also participates in the business potential of digital mobility solutions through its holdings. The focus is on its involvement in the YOUR NOW joint ventures, which are grouped into three pillars: FREE NOW & REACH NOW, SHARE NOW, and PARK NOW & CHARGE NOW. These pillars combine ride-hailing, carsharing, and parking services with multimodal platforms and the charging of electric vehicles. Daimler Mobility’s portfolio also contains holdings in the limousine ride-hailing service StarRides in China and the chauffeur and concierge service provider Blacklane. In 2020, Daimler Mobility financed or leased around 50 percent of the vehicles sold by Daimler worldwide. This corresponds to a contract volume of €150.6 billion. In 2020, the business division generated revenue of €27.7 billion and achieved EBIT of €1.4 billion. Daimler Mobility operates in 39 countries.
The BMW Group
With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. The BMW Group production network comprises 31 production and assembly facilities in 15 countries; the company has a global sales network in more than 140 countries. In 2020, the BMW Group sold over 2.3 million passenger vehicles and more than 169,000 motorcycles worldwide. The profit before tax in the financial year 2019 was € 7.118 billion on revenues amounting to € 104.210 billion. As of 31 December 2019, the BMW Group had a workforce of 126,016 employees. The success of the BMW Group has always been based on long-term thinking and responsible action. The company has therefore established ecological and social sustainability throughout the value chain, comprehensive product responsibility and a clear commitment to conserving resources as an integral part of its strategy.