The sale delivered a gross enterprise value of £23.5 million for Hallmark and is the second Hallmark subsidiary exited by MML in February 2011. Hallmark now has two remaining subsidiaries which will be divested over the next 18 months.

ZEAG develops and assembles car parking equipment and systems, providing both new products and aftersales service and support. ZEAG has provided parking systems and solutions for many of the world’s leading companies and organisations. Typical clients include airports, hospitals, shopping centres and public car parks.

ZEAG is headquartered in Switzerland, with subsidiaries in the UK, USA, Canada and South Africa, and a network of global distributors. The transaction was initiated following a direct approach by FAAC to MML in August 2010. MML, together with their advisers, agreed a bespoke process designed to meet FAAC’s timetable and due diligence requirements, resulting in the deal concluding in February 2011.

Bernard Lacoste, CEO of ZEAG, commented:

“We are honoured 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, added

“This is a good result for all of the stakeholders involved. It is a strong exit for Hallmark and MML at an attractive multiple, and I am sure ZEAG will perform well under the stewardship of FAAC.”

MML’s corporate finance advice was provided by Livingstone Partners, led by James Lever. Legal advice was provided by Shoosmiths whose team was led by partner Alastair Peat.