Indigo Group, the world leader in parking and urban mobility solutions, signed with the support of its shareholders – Crédit Agricole Assurances, Vauban Infrastructure Partners and MEAG – on the 29th of July an agreement with Igneo Infrastructure Partners to acquire 100% of Parkia Spanish Holding SLU and its subsidiaries.
In line with its growth strategy to be one of the leaders in its geographies, this acquisition, combining the 3rd and 4th operator in Spain in terms of off-street number of spaces, represents a good opportunity for the Group to consolidate its market position both in Spain and across Europe. Indeed, the Group will significantly reinforce its leading European position by increasing its exposure to core European regions such as Spain and Andorra.
The combined entity will operate the car parks under the Indigo brand and will become the 2nd largest market player in Iberia by EBITDA. Parkia is a pure player in the off-street segment with a portfolio of high-quality concession contracts and ownerships, with a remaining duration of around 38 years. This will strengthen Indigo’s infrastructure business model. Moreover, Parkia’s concession portfolio is unique with an inflation-linked tariff mechanism and is well diversified within Spain and Andorra, with a major presence in mid-sized cities. Parkia has experienced strong growth in recent years as well as a rapid recovery from Covid-19, reaching a turnover of over 53 million euros in 2022. In 2023, the recovery is continuing and double-digit growth is expected.
Together, Indigo Spain and Parkia are expected to bring their clients reinforced expertise in car park operations, digital channels, and commitment to operational excellence and improved efficiency by creating significant synergies. This acquisition also provides Indigo Group with a good opportunity to accelerate and intensify the deployment of its strategy in Spain, which is to support cities in their transformation and transition towards more sustainable urban environments. In line with the directions taken by Parkia, Indigo will reinforce its commitment to urban mobility and energy transition by continuing to deploy electric vehicle charging points, as well as soft mobility for bike parking and new activities that cater to low-impact mobility needs. It will also provide cities with an operational response to the political goals of regulating city-center traffic and encouraging the expansion of sustainable modes of travel.
The transaction is expected to be financed with equity while Parkia’s existing debt will remain in place, in line with the Group’s commitment to maintain a strong Investment Grade rating. The closing of this transaction is subject to customary conditions including its review by the Spanish anti-trust authority. Rothschild & Co and Gómez-Acebo & Pombo acted as financial and legal advisors to Indigo Group, respectively. Accuracy, Cuatrecasas and Bureau Veritas performed the Finance, Tax, and Technical due diligences, respectively.
About Indigo Group S.A.
The Indigo Group, which owns nearly 100% of Indigo Infra, Indigo Neo and INDIGO®weel, is a
global player in parking and urban mobility, managing more than 1.4 million parking spaces
and their associated services in 9 countries.
Indigo Group is indirectly 49.20% owned by Crédit Agricole Assurances, through Predica SA
and Crédit Agricole Assurances Retraite, 34.33% owned by Vauban Infrastructure Partners
through funds it manages and 14.85% owned by MR Infrastructure Investment GmbH
(MEAG), and held 0.19% of its own shares in treasury, with the Group’s management owning
the remainder of the shares.
Founded in 1997 and based in Madrid, Spain, Parkia is a pure off-street player, with more
than 71 off-street car parks and more than 38,800 car park spaces located in 44 cities across
Spain and Andorra. The portfolio is widely diversified and mostly concession based. Parkia
holds a strong geographical diversification translating into low counterparty risk, with its
top 10 car parks representing only 40% of revenues in 2022. It is currently owned by Igneo