Q-Park, a European car parking company, has acquired the Swedish parking firm CP Group AB (Carpark) for an undisclosed sum. The value of the transaction is reported to be around €300m and Bridgepoint has generated a money multiple of over 7 times.
Bridgepoint backed the MBO of Carpark in 1991 from its Fund I for €88m.
Headquartered in Stockholm, Carpark operates 285,000 car parking spaces and is the no.1 car parking operator in Sweden and Denmark and no.2 in Norway and Finland.
Since 1995, Bridgepoint has made 10 investments in the Nordic region. Its most recent acquisitions include the €230m acquisition of Attendo, the Swedish elderly care homes and services; and the acquisition of Akatsastus, the Finnish vehicle inspection group.
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.