Crédit Agricole Assurances and Ardian Infrastructure have bought a 24.6% stake in parking operator Indigo from French concessions and construction firm VINCI, bringing their joint ownership of Indigo to just below 100%.

Jean-Jacques Duchamp, deputy managing director of Crédit Agricole Assurances, said: “This operation is fully consistent with Crédit Agricole Assurances’ strategy of investing in companies that lead their respective markets, have a robust financial profile and operate in resilient underlying sectors.”

He said he was delighted that the insurer had the chance of increasing its stake in the share capital of Indigo. 

Independent private investment firm Ardian did not disclose the value of the deal, but said Indigo — previously called Vinci Park — had sales of €796m in 2015, and EBITDA of €281m.

After the deal, which is expected to close in the third quarter of this year, Ardian Infrastructure will own 49.2% of Indigo and Crédit Agricole Assurances will hold 49.2%.

The rest is in the hands of group employees and management, Ardian said.

Ardian Infrastructure and Crédit Agricole Assurances bought a 75% stake in Indigo in 2014.

Mathias Burghardt, head of Ardian Infrastructure, said the “strategic vision and the strength of the management team, combined with their commitment to innovation,” will allow Indigo to grow further over the next few years.

Ardian said the car park company will focus on strengthening its market position in Europe over the coming years, as well as continuing its international development, notably in South America and Asia.