Indigo Group to acquire Spanish car parking services provider Parkia
Indigo Group, a global leader in parking and urban mobility solutions, has signed an agreement to acquire 100% of Parkia Spanish Holding SLU, a public car parking services in Spain, and its subsidiaries. Backed by shareholders Crédit Agricole Assurances, Vauban Infrastructure Partners, and MEAG, the group further strengthens its market position in Spain and Europe.
By merging the 3rd and 4th largest operators in Spain based on off-street parking spaces, Indigo Group solidifies its footprint in core European regions, particularly Spain and Andorra. The combined entity will operate under the Indigo brand and will emerge as the second largest player in Iberia in terms of EBITDA.
Parkia, specializing in the off-street segment, boasts a unique, well-diversified portfolio of high-quality concession contracts and ownerships. With around 38 years of remaining duration, this acquisition boosts Indigo’s infrastructure business model. Parkia has shown a rapid recovery post-Covid-19, clocking a turnover of over 53 million euros in 2022. A continuing recovery in 2023 with double-digit growth is anticipated.
Indigo Group to expand footprint in Spain by acquiring Parkia. Photo courtesy of GROUP Indigo.
The synergy between Indigo Spain and Parkia is expected to enhance expertise in car park operations, digital channels, and operational efficiency. The acquisition bolsters Indigo Group’s strategy to support cities in transforming towards more sustainable urban environments, aligned with Parkia’s commitment to urban mobility and energy transition. The group will continue to deploy electric vehicle charging points and cater to low-impact mobility needs, promoting sustainable modes of travel.
The acquisition will be financed through equity while Parkia’s existing debt will remain, demonstrating the Group’s commitment to maintaining a robust Investment Grade rating. The deal is subject to standard conditions, including review by the Spanish anti-trust authority. Rothschild & Co and Gómez-Acebo & Pombo served as financial and legal advisors to Indigo Group, respectively, with Accuracy, Cuatrecasas, and Bureau Veritas performing the Finance, Tax, and Technical due diligences.