8 February 2017 – Expansión
The infrastructure fund Ardian and the French financial institution Predica have engaged two investment banks to look into the sale of Indigo (formerly Vinci Park). “Ardian and Credit Agricole have engaged two investment banks to handle the sale of Indigo”, said sources close to the process to Reuters. On the basis of prices paid in the most recent parking lot transactions, Indigo’s shareholders could ask for more than €3,000 million for the company.
Ardian and Credit Agricole, through its subsidiary Predica, both own a 49.2% stake in Indigo. The remainder is in the hands of small shareholders. Sources in the sector indicate that Morgan Stanley and Rothschild are the banks responsible for the sale.
With an EBITDA of almost €300 million in 2016 (€285 million in 2015), the sale of Indigo is likely to attract interest from other international parking lot operators, as well as from large investment funds.
During the first half of 2016, Indigo generated revenues of €416 million, up by 9% compared to the same period in 2015. Last week, it announced a detailed review of its strategy after winning several contracts in Europe and America and it committed to undertaking a series of acquisitions in Canada, the USA and Colombia. “The group’s shareholders have started a strategic review to support the company’s upcoming developments”, said the company.
Other operations in the sector in Spain, such as the sale of Parkia, have been sold for more than 15x EBITDA, although in that case, the operation was smaller with a more limited geographical presence.
Between 2014 and 2015, the French services and infrastructure group Vinci sold its parking business to the current shareholders in two phases. Indigo is one of the largest operators of parking lots in Europe, with a presence in 17 countries and more than 500 cities. It manages more than 4,000 underground parking lots, 2,500 kilometres of parking areas on urban roads and more than 2 million parking spaces.
Original story: Expansión
Translation: Carmel Drake