KKR sells Q-Park's Nordic division

Katharine Hidalgo
13 March 2019

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Car parking provider Q-Park т a portfolio company of KKR т will sell its business in the Nordic region to Japan-based Sumitomo Corporation.

Sumitomo has agreed to wholly acquire Q-Park's business in Finland, Norway and Sweden for ¥50bn. The deal is expected to be completed in April and is subject to regulatory approvals.

Q-Park's business in the Nordic region operates differently from from other parts of the company. The legal framework for car parks in the Nordic region limits the company's ability to produce large margins, which prompted KKR to decide to carve out the business in July 2018, according to Unquote sister publication Mergermarket.

Previous funding
KKR Infrastructure wholly acquired Netherlands-based Q-Park in 2017 in a deal that valued the assets at €2.95bn, equivalent to a 15x EBITDA multiple.

Company
Established in 1998, Q-Park is a car parking provider with 870,000 parking spaces in 6,300 facilities across 10 countries. Based in Maastricht, the company employs 2,000 people.

Q-Park in Finland, Norway and Sweden has a 20% market share and operates 370,000 parking spaces. In addition to the operation of parking lots, the business also offers electric vehicle charging equipment, car maintenance, tyre replacement, home delivery lockers, and cashless app payment options. The business employs 585 people and operates offices in Stockholm, Oslo and Helsinki.

People
KKR Infrastructure – Jesus Olmos (co-head).
Sumitomo Corporation – Masayuki Hyodo (representative director, president, CEO).