EQT merges Parkia with MutuaPark

Following the merger, EQT will have a 66.8% stake through its EQT Infrastructure fund, with Mutua Madrileña owning the remaining shares. MutuaPark's assets will be absorbed into the new entity under the Parkia name.

Parkia's Chairman Fernando Conte and CEO Jesús Lopez Hidalgo will continue in their current roles in the combined entity.

Conte said the merger made good industrial sense, and would create one of the strongest players in the Spanish car park sector, with potential for further growth.

The deal is subject to anti-trust approval and is expected to close in Q4 of 2014.

Previous funding
Parkia was EQT's first Spanish acquisition, when it carved out Albacete-based Parkia from Acciona in 2011 for €180m.

MutuaPark was bought by Spanish insurance company Mutua Madrileña in 2010 from FCC Group.

Company
Parkia is a private off-street car park operator, operating 30 car parks in Spain and Andorra and one on-street car park in Andorra, totalling 17,000 parking spaces. The Spanish company had revenues of around €20m last year.

MutuaPark operates 23 car parks across Spain with around 8,000 spaces and had revenues of approximately €9m last year.

People
Parkia Chairman, Fernando Conte and CEO Jesús Lopez Hidalgo were involved in the deal, as was EQT partner Matthias Fackler.

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• Topics
• Southern Europe
• Consumer
• Buyouts
• Spain
• EQT