Transportation

FAAC to acquire TIBA Parking Systems

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January 5, 2021

FAAC, an Italy-based provider of automation and vehicle and pedestrian access control, is acquiring TIBA group, a global supplier of turnkey systems for managing parking sites with revenue collection, from the Israeli private equity fund TENE Capital, the Afcon group and a series of minority shareholders for an undisclosed sum, according to a press release.

The TIBA group, based in Tel Aviv, designs, manufactures, distributes and supports solutions for the management of off-street revenue parking. The TIBA group produces most of its revenues in the North American market, where it has managed to achieve a leadership position in a few years of activity with over 20% market share, and is expected to close 2020 with over $60 million in turnover, reporting an average annual growth of 30% in the last five years.