Today it was announced that the American Investment firm Kohlberg Kravis Roberts & Co (KKR) won the bid for the Dutch parking operator Q-Park.
KKR is set to pay €2.5 billion ($2.9 billion dollars) after having outbid Australian infrastructure investor Macquaire and Chinese conglomerate China Oceanwide. The bidding difference between Macquaire and KKR is said to be tiny.
Q-Park manages over 800,000 parking spaces in ten countries around Europe and had a 2.0% increase in revenue in 2016. The €2 billion deal includes €1.4 billion in infrastructure style financing which will offer higher leverage and lower pay yields compared to private equity deals.
Q-Park is one of the biggest parking service providers in Europe with strong market positions in the Netherlands, Germany, Belgium, Great Britain, France Ireland, Denmark Sweden, Norway and Finland. Q-Park is a recognized quality-leader in the area of parking. Its portfolio includes approximately 835,000 parking spaces distributed in over 6,195 parking facilities in ownership, operation, management or a combination thereof. In the Netherlands, Q-Park has 262 parking facilities including 97 P+R areas.