EYSA, a Spanish mobility technology and services provider, is planning to carve out mowiz TRUCK, its business to improve transport security and conditions for professional drivers, CEO Javier Delgado told Mergermarket.

Mowiz TRUCK needs a total of between EUR 140m and EUR 150m investment, Delgado said, adding that EYSA will create a new vehicle to incorporate new investors. The amount to be invested includes equity and debt, he added.

EYSA plans to be a minority shareholder in the vehicle following the carve-out, Delgado said. The carve-out could be ready in the first quarter of next year, he added.

The parent company is already working with a financial advisor with expertise in the transport sector and with a consultant with expertise in real estate, the executive said. It will handle legal issues in-house, he said.

The mowiz TRUCK project has a clear environmental, social and governance (ESG) component to its model, Delgado said. The unit's environmental side involves including renewable energy and water recycling in its car parks, while its social side involves taking care of truck drivers to reduce accidents, as well as encouraging more women to enter the sector, he said.

EYSA is developing an own infrastructure and already has eight concessions in Spain, he said. The plan is to develop between 20 and 25 new secure parking units (not included the eight concessions), he added. mowiz TRUCK's business will reach around EUR 3m in revenues and EUR 1m in EBITDA this year, he added.

mowiz TRUCK is developing a network of secure 24/7 truck parks. Truck drivers can rest, eat, have a shower, clean and service their vehicles, according to the company's website. Drivers can also book and pay for services online, Delgado said.

Acquisition talks

Meanwhile, EYSA expects to close the acquisition of a Brazilian company with a similar profile to itself, Delgado said. This target has between EUR 10m and EUR 15m in revenues and EYSA plans to acquire 80% very soon, he added.

EYSA is also in talks with two Spanish targets, he said. One target is a company focused on intelligent transportation systems, with presence in Spain and abroad and revenues between EUR 70m and EUR 100m, he added. EYSA expects to close the deal before the year ends, he added.

The second target is a technology company which has developed road infrastructure equipment comprised of hardware and software, including an artificial vision platform, Delgado said.

More deals in Europe and the US 

EYSA also continues to look for targets in Northern Europe and the US, Delgado said, adding, “We have seen some targets but valuations remains high.”  

EYSA would be interested in technology companies focused on urban mobility, he said. 

The company could also look at buying technology companies working in the toll-roads field, he said. Possible targets could be operating in Europe or the US, and offer several services including pay-per-use, payment methods or operations, he added. EYSA wants to grow in the toll-roads sector by gaining concessions or buying companies, he said.

EYSA targets more than EUR 150m in revenues and EUR 30m in EBITDA this year, Delgado said. It hit EUR 120m in revenues and EUR 24m in EBITDA last year, he added. 

The company is majority-owned by H.I.G. Infrastructure and H.I.G. Europe, as reported. It has a score of 19 out of 100, according to Mergermarket's Likely to Exit (LTE) predictive algorithm.* The score reflects the sponsor exit rate for the region.

*Mergermarket's LTE predictive analytics assign a score to sponsor-backed companies to help track and predict when an exit could occur through M&A, an IPO, a direct listing or a deSPAC transaction.