KKR Infrastructure acquires Q-Park for €2.95bn

According to the investor, the transaction – financed through KKR's infrastructure funds – values the asset at €2.95bn, equivalent to a 15x EBITDA multiple. 

The new buyer is expected to keep existing financing – refinancing it ahead of a 2018 maturity – and to fund the rest of the deal with its own equity, according to unquote" sister publication InfraNews, which cited sources close to the situation. In 2015, Q-Park signed a €925m revolving credit facility to refinance an existing €1.15bn credit facility. The new debt was provided by ABN Amro, HSBC, ING, KBC and Rabobank.

KKR Infrastructure has submitted an unconditional offer to Q-Park's shareholders for their acceptance, the GP said in a statement. The investor has already received the backing of the supervisory and management boards.

At present, Q-Park is owned by a group of shareholders consisting mainly of institutional investors, including pension funds and insurance companies.

KKR's offer follows a structured sale process that was initiated last year by Q-Park's existing shareholders, according to the GP, in order for them to further diversify their investments. According to the aforementioned InfraNews report, three final bidders – KKR, Macquarie and Patrizia Immobilien – submitted binding offers for the asset earlier this month.

Q-Park will continue its operations as a standalone entity with headquarters, central management and key support functions in Maastricht, KKR said in a statement. The brand name and corporate identity will be maintained, and the change of ownership will not impact company staff, the GP added.

Frank De Moor, chair of the management board and CEO since 2014, and Marcello Iacono, CFO since 2015, will continue to head the management team.

In 2008, Q-Park had bolted on French company Epolia, acquiring it for an estimated €700m. With KKR Infrastructure's support, the group will look for further growth opportunities.

The offer is subject to acceptance by existing Q-Park shareholders and to customary regulatory approvals, and is expected to close in the second half of 2017.

Company
Founded in 1998, Q Park is a car parking provider with 871,449 parking spaces across 6,343 facilities.

Based in Maastricht, the group has locations across Belgium, Denmark, Finland, France, Ireland, the Netherlands, Germany, Norway, Sweden and the UK. The group employs 2,152 full-time employees, and recorded revenues of €825m for a €194.9m EBITDA in 2016.

People
Q-Park – Frank De Moor (CEO).
KKR Infrastructure – Jesus Olmos (co-head).

Advisers
Equity – Clifford Chance (legal); ING (corporate finance).
Management – Stibbe (legal); Alantra (corporate finance).
Vendors – De Brauw Blackstone Westbroek (legal); JP Morgan (corporate finance).

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