EQT Infrastructure will pay 180 million euros ($252 million) to acquire the car park business from Spanish infrastructure and renewable energy group Acciona. EQT bought 29 car parks in Spain and Andorra. The deal reportedly includes 40 million euros of debt. The investment is the first for EQT Infrastructure in Spain.
EQT Infrastructure has agreed to acquire leading Spanish car park operator Acciona Aparcamientos from Spanish leading infrastructure and renewable energy group Acciona S.A. The investment is the first for EQT Infrastructure in Spain.
Acciona Aparcamientos is a leading operator in the Spanish car park sector managing 29 car parks in Spain and Andorra. All car parks are operational and have a total of around 16,000 spaces. The portfolio is well spread geographically throughout mainland Spain, reaching also the Canary and Balearic islands. The expected revenues for 2011 amount to EUR 22 million.
The new Board of Directors of Acciona Aparcamientos will be chaired by Fernando Conte, currently Chairman of the Board of Orizonia and formerly President and Chairman of Iberia and Managing Director of ABB Spain.
“Acciona Aparcamientos has an interesting and strong position in the Spanish car park sector. I am looking forward to develop that position and grow the company together with the management and the rest of the Board,” says Fernando Conte.
The Board of Directors will also include Rafael Miranda, former CEO of the leading Spanish Utility Endesa and current Chairman of the Endesa Foundation. Both Fernando Conte and Rafael Miranda are members of the EQT network of Industrial Advisors.
EQT Infrastructure sees growth potential in Acciona Aparcamientos as the degree of motorization continues to increase in Spain. The Spanish market for car parks is also highly fragmented which creates opportunities for add-on acquisitions and consolidation.
“In addition, there is room for greater efficiencies and improved utilization of the car parks as well as ancillary services,” continues Fernando Conte.
The transaction will be financed by a combination of equity and debt, and EQT Infrastructure will, together with the Board of Directors and management, own 100% of the equity interests in Acciona Aparcamientos.
The transaction is expected to close in July 2011 and is subject to antitrust approvals.
EQT is the leading private equity group in Northern Europe with more than EUR 13 billion in raised capital and multiple investment strategies. Together with a superior network of Industrial Advisors, EQT implements its business concept by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, developing them into leading companies. Development is achieved by applying an industrial strategy with focus on growth. Since inception, EQT has invested EUR 9.7 billion in more than 85 companies and exited more than 40. EQT-owned companies have more than 500,000 employees.
EQT Infrastructure is a EUR 1.2 billion fund, launched 2008, investing primarily in existing infrastructure and has the flexibility to invest globally. Potential targets are basic infrastructure, concession-based infrastructure, social infrastructure and infrastructure-related services.
EQT Partners, acting as investment advisor to the managers of each EQT fund, has more than 100 investment professionals with an extensive industrial and financial competence. EQT Partners has offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.