Q-Park, the European car parking company, has today announced the further expansion of its international operation with the acquisition of the Swedish parking firm CP Group AB, also known as Carpark for an undisclosed sum. The takeover puts the company in a top 2 position as a private parking company in Europe.
Important gateway to Nordic regionThis acquisition by Q-Park adds a further 285.000 parking spaces to the Dutch companys parking portfolio in Europe, and provides Q-Park with an important gateway to the Swedish, Norwegian and Finish parking market. It further strengthens its position in the Danish market, where it took over a Danish carpark company called DKParkering end 2005.
Move to the Northern countries is a logical step
Ward Vleugels: The Nordic region provides us a solid position in our portfolio in Europe. The move to the Northern countries is a logical step. Its culture and ways of doing business is in line with our own beliefs and working ethics. We feel comfortable with the excellent management, under the leading Carpark CEO Mats Kullman.
Q-Park is already a leading player in the Netherlands, Belgium, Germany, the United Kingdom, France, Ireland and Denmark. The addition of the Carpark operation brings Q-Parks portfolio up to 510.000 parking spaces in Europe.
We expect further sales growth and a further increase in the number of parking placesWe strengthened our market position and further increased confidence in our business model amongst our investors. Our partners and customers recognise the strength of the Q-Park brand and the quality of our services. In the years ahead, we expect further sales growth and a further increase in the number of parking places. The mobility market is still going strong and as a leading partner in this chain, we strive to offer best value for money to both our business partners and to our customers, Ward Vleugels said.
Q-Park is one of the leading players in the European parking industry and owns, operates, manages and runs fully, or in combination multi-storey car-parks. The Q-Park mission is to deliver high-quality parking and related customer-oriented services, focusing on speed, convenience, safety, and hospitality at key locations such as city centres, airports, railway stations and hospital sites.
UBS Investment Bank acted as sole financial adviser to Bridgepoint with Linklaters acting as sole legal adviser and Ernst & Young as provider of vendor accounting due diligence.
For more information, please contact:Q-Park NV
Mr E.J.M. Vleugels, Chairman of the Executive Board
Telephone: +31 (0) 43 329 71 71
CP Group AB
Mats Kullman, Chief Executive Officer
T: +46 (0) 8 722 1595
James Murray or Graham Oldroyd
T: +44 (0) 207 432 3555 or +46 (0) 8 545 168 20
About BridgepointBridgepoint is a European private equity firm focusing on the acquisition of companies valued up to 750 million. With 6 billion under management, it typically focuses on acquiring well managed companies in attractive sectors with the potential to grow organically or through acquisition.
In 2005 Bridgepoint completed the 2.5 billion fundraising for its third independent fund. For further information see www.bridgepoint-capital.com. In 2005, Bridgepoint invested 804m in nine new investments. It also completed 12 exits returning 1.2 billion to its investors. Bridgepoint has made ten investments in the Nordic region since 1995, its latest being the 230 million acquisition of Swedish elderly care homes and services group Attendo and the acquisition of Finnish vehicle inspection group A-Katsastus.
Q-Park NV is an independent, international parking enterprise that first ventured into the foreign market in 1999. Today, Q-Park is a well-known quantity in the European parking market with branches in seven countries: The Netherlands; Belgium; Germany; France; UK; Ireland and Denmark (now 10 with the acquisition of Carpark in Sweden, Finland and Norway.)
Q-Parks breakthrough on the Dutch and European parking markets came with its integration of different modes of parking at three levels: owned, operated and managed parking facilities.
Q-Park has a good-to-strong market position in seven European countries (plus, as of 29 June 2006, Sweden, Finland and Norway), a solid quality image, a unique product in the market place and a strong financial starting position. Its core business is post-paid parking in built parking facilities, supported by the real-estate value of its property.