Q-Park buys French parking firm for EUR 700m

European parking group Q-Park says it is the second-largest provider of parking space in France and Belgium following the acquisition of French firm, Epolia SAS, for EUR 700mln. Earlier this year Q-Park acquired Epolia's portfolio in Norway.

François Riviere, Q-Park's group director said in a statement, 'the acquisition of Epolia by Q-Park confirms the natural 'click' between our respective visions on parking and ensures that we stand stronger together. The amalgamation of Q-Park, City Parking and Epolia garages in Belgium and France under the Q-Park banner will allow us to grow into the second-largest provider in both countries.' The largest parking space group is Vinci Park. Founded in 1963, Vinci Park is active across 12 countries and manages about 1 million parking places in Europe and north America. The company recently expanded into Russia, US and Canada, while in Europe it has a strong presence in France, UK and Spain.

Q-Park is based in the Dutch city of Maastricht and was regarded as third largest parking firm in Europe. The company operates 623,000 parking spaces across the Netherlands, Germany, Belgium, UK, France, Ireland, Denmark, Sweden, Norway and Finland. Epolia SAS is active in France, Belgium and Italy. The French company's current portfolio, including various future obligations, comprises about 180,000 parking spaces in total, spread over some 90 towns and cities. Q-Park said the acquisition reinforce Q-Park's market position among the to- 3 parking companies of Europe.

'The geographical distribution of Epolia SAS gives Q-Park, which was hitherto mainly represented in the north and south-east of France, a presence across the whole of France. In Belgium, too, the combination clearly creates a much denser network with opportunities for operational synergy. In addition, Q-Park expects the amalgamation of both office organisations to give the operating result a further impulse,' Q-Park said.