Partnership formed to Acquire Equity Stake in Saba Infraestructuras, a Leading Car Parks and Logistics Operator
Criteria CaixaHolding, the leading savings bank in Spain, Torreal, one of the largest private investment firms in Spain, ProA Capital, the Spanish mid-market private equity firm, and global investment firm Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, KKR) today announced that they have entered into a partnership agreement whereby KKR will acquire a 12.5% equity stake in Saba Infraestructuras, a leading operator of car parks and logistics parks. KKR will join the shareholder consortium comprised of Criteria CaixaHolding (55.7% equity stake post KKR entry), Torreal (20%) and ProA Capital (10.5%).
Saba Infraestructuras is the result of a spin-off from Abertis, the leading publicly listed European infrastructure conglomerate, and its international footprint spans Spain, Italy, Chile, Portugal, France and Andorra. It operates two businesses: Saba Aparcamientos a leading European car park operator; and Saba Parques Logísticos the market leader in logistics parks in Spain.
Saba Aparcamientos manages 195 car parks in a portfolio across 80 cities and towns in Spain, Italy, Chile, Portugal, France and Andorra. Saba Parques Logísticos operates a network of 10 logistic parks across Spain, in both core metropolitan areas and outer circles. Its two largest assets, CILSA and Parc Logistic de la Zona Franca, were developed in prime locations in the Barcelona port area. Its main clients are logistics operators and large multinationals from the distribution and manufacturing sectors.
The partnership represents KKRs third significant European infrastructure investment, following its deal in June with Sorgenia to invest in operating wind assets in France, and Julys partnership with Munich Re to acquire a 49% equity stake in Grupo T-Solar, the largest European solar photovoltaic (PV) power generator.
Commenting on the announcement, Jesus Olmos, European Head of KKRs infrastructure business, said: Todays announcement represents a further and exciting development in KKRs infrastructure platform and we are pleased to be partnering with highly trustworthy and established local players such as Criteria CaixaHolding, Torreal, and ProA Capital. The stable nature of Saba Infraestructuras fits our investment criteria and its parking business has shown superior resilience during the economic downturn. The group offers a long term and predictable cash flow profile in addition to growth potential. We continue to be excited about the opportunities which lie ahead for us in the infrastructure space.
Salvador Alemany, President of Saba Infraestructuras, added: We welcome the partnership with a group of such size and global presence as KKR, and the investment is a sign of KKRs confidence in our business. KKR not only has extensive experience and expertise in the investment sector, but it also has a strong vision, culture and knowledge of the sectors in which it operates. Its long-term approach matches that of Saba Infraestructuras and we look forward to working in partnership with KKR as we further expand the business."
Saba Aparcamientos manages 195 car parks in a portfolio across 80 cities and towns in Spain, Italy, Chile, Portugal, France and Andorra. Saba Parques Logísticos operates a network of 10 logistic parks across Spain, in both core metropolitan areas and outer circles. Its two largest assets, CILSA and Parc Logistic de la Zona Franca, were developed in prime locations in the Barcelona port area. Its main clients are logistics operators and large multinationals from the distribution and manufacturing sectors.
The partnership represents KKRs third significant European infrastructure investment, following its deal in June with Sorgenia to invest in operating wind assets in France, and Julys partnership with Munich Re to acquire a 49% equity stake in Grupo T-Solar, the largest European solar photovoltaic (PV) power generator.
Commenting on the announcement, Jesus Olmos, European Head of KKRs infrastructure business, said: Todays announcement represents a further and exciting development in KKRs infrastructure platform and we are pleased to be partnering with highly trustworthy and established local players such as Criteria CaixaHolding, Torreal, and ProA Capital. The stable nature of Saba Infraestructuras fits our investment criteria and its parking business has shown superior resilience during the economic downturn. The group offers a long term and predictable cash flow profile in addition to growth potential. We continue to be excited about the opportunities which lie ahead for us in the infrastructure space.
Salvador Alemany, President of Saba Infraestructuras, added: We welcome the partnership with a group of such size and global presence as KKR, and the investment is a sign of KKRs confidence in our business. KKR not only has extensive experience and expertise in the investment sector, but it also has a strong vision, culture and knowledge of the sectors in which it operates. Its long-term approach matches that of Saba Infraestructuras and we look forward to working in partnership with KKR as we further expand the business."
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