KKR bids for Q-Park

Published:  30 May, 2017

€2.95bn offer for Dutch-based parking operator

Q-Park’s board has recommended the €2.95bn offer from KKR’s infrastructure investment platform to its shareholders consisting mainly of institutional investors, including pension funds and insurance companies. The offer came as the result of a structured sale process which was initiated last year by Q-Park’s existing shareholders. The offer price represents a multiple of over 15x 2016 EBITDA.

Q-Park is one of the leading providers of parking facilities in Europe, whether wholly-owned, leased, managed or in a hybrid business model. Q-Park is notable for its quality approach and has a portfolio comprising over 5,800 parking facilities and 800,000 parking spaces and has strong market positions in ten North-West European countries; the Netherlands, Germany, Belgium, Great Britain, France, Ireland, Denmark, Sweden, Norway and Finland.

Q-Park generated net revenue of €825m and an EBITDA of €194 in 2016.

CEO Frank De Moor said: “With KKR Infrastructure as a new and strong shareholder we have the best partner to accelerate the roll out of our existing strategic growth plans, explore suitable acquisitions and leverage our scale. We continuously strive to be a frontrunner in the industry by applying smart technology, combining best value with a seamless customer experience. This will also better position us for teaming up with public and private partners, launching new business propositions and provide mobility solutions for the challenges cities are increasingly facing.”

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