US private equity firm KKR is offering €2.95 bn for all the shares in Q-Park, the Dutch car park provider announced on Wednesday.
Q-Park's supervisory and management boards unanimously support the offer, the company said. Q-Park is currently owned by a group of shareholders consisting mainly of institutional investors, including pension funds and insurance companies which have entered into exclusive negotiations with the US buyout investor.
The Maastricht-based company operates 870,000 parking spaces in 10 European countries, and is the largest car park group in the Benelux. Q-Park employs 2,500 people and posted earnings of €85 mln on turnover of €825 mln in 2016.
The offer follows a structured sale process which was initiated last year by Q-Park's existing shareholders and represents a multiple of 2016 EBITDA of over 15x.
KKR is a leading, global investment firm that manages investments across multiple asset classes, including infrastructure. As of March 31st 2017, KKR has $138 bn of assets under management. The transaction is being made through KKR's infrastructure funds. The US firm has said it fully supports Q-Park’s long-term strategy and its ambition to play a leading role in the anticipated consolidation of a fragmented parking industry.
In that context, it can offer Q-Park additional strategic, financial and technical support capabilities as well as enhanced access to funding for capturing future growth opportunities, the company said.
Frank de Moor, CEO since 2014, and Marcello Iacono, CFO since 2015, will continue to head the management team.
De Moor said the announcement marks an important step for Q-Park. '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.'
