French infrastructure fund manager Ardian Infrastructure and insurer Crédit Agricole Assurances have increased their stake in car park operator Indigo by buying out original owner Vinci.
Vinci sold its remaining 24.6 percent stake in Indigo, formerly known as Vinci Park, for an undisclosed amount. The deal gives Ardian Infrastructure and Crédit Agricole Assurances 49.2 percent each of Indigo, with management and employees owning the remainder.
The two partners originally bought a 75 percent stake in Indigo in 2014 in a deal valuing the car park operator at €1.96 billion. At the time, Indigo managed 1.6 million parking places across 14 countries versus 2 million parking places in 16 different countries in 2016. Last year, the operator generated €795 million in revenues and €281 million in EBITDA.
“Since then Indigo has achieved impressive growth through consolidating its market position in Europe and continuing its development at an international level through three platforms which are North America, South America and Asia, with notably the expansion in Colombia and Panama in collaboration with fellow parking operator City Parking in 2016,” the partners said in a statement.
The sale of a 50 percent stake in City Parking netted Colombian private equity firm Tribeca a 21.4 percent gross IRR, the firm told Infrastructure Investor at the time of the sale.
Earlier this year, Ardian closed its fourth infrastructure fund at €2.65 billion, which it claims is the largest European infrastructure fund raised to date. The vehicle also marks the first time an Ardian infrastructure fund will invest outside of Europe, with 20 percent of the vehicle earmarked for deals in other OECD countries focusing on airports and renewable energy.