Ardian-backed Indigo sells car parks to Saba

The transaction involves 800 car parks located in Germany, Slovakia, the Czech Republic and the UK, and is valued at around €200m, Unquote understands.

According to Spanish press reports, Saba will finance the investment with a debt package.

Criteria Caixa acquired a 49% stake in Saba from Torreal, KKR and ProA Capital for €438m in July 2018. With this transaction, the Spanish investment firm, which already controlled around 50% in the company, reached a 99% ownership.

Saba specialises in car park management, employs 1,500 staff and operates 210,000 parking spaces located across five countries in Europe and Latin America. It reported EBITDA of €100m from revenues of €213m in 2017.

Ardian entered exclusive talks with Vinci to acquire its Vinci Park division for an enterprise value of €1.96bn in February 2014.

Vinci sold three quarters of the subsidiary, retaining a 25% stake via its Vinci Concessions unit, the division under which Vinci Park then operated. Ardian subsequently held a 37.5% stake in the newco, while Crédit Agricole Assurances acquired a similar size stake. The latter invested via its personal insurance arm Predica.

Ardian and Crédit Agricole Assurances acquired Indigo's remaining 24.6% stake in Vinci Park in June 2016. Following the transaction, Ardian and Crédit Agricole owned an equal share of the company – 49.2% each, while the remaining 1.6% stake was retained by employees of the group and its management.

Company
Paris-headquartered Indigo specialises in car parks and urban mobility; it manages 2.3 million parking spaces and associated services in 500 cities across 14 European countries.

The company employs a staff of 12,000 people and generated EBITDA of €310m from revenues of €897.5m in 2017, according to press reports. 

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• Topics
• Portfolio management
• France
• Consumer
• Ardian (formerly Axa PE)
• France
• Spain
• La Caixa