FCC exits car park business for €115m

Private equity fund N+1 Private Equity and venture capital firm Dinamia have bought EYSA, an FCC subsidiary which manages 120,000 on-street parking spaces across 60 Spanish cities. FCC had already sold its underground parking lots last year to a Spanish insurer for €120m.

Spanish infrastructure developer FCC has sold car park subsidiary EYSA to a consortium comprising an Iberian-focused private equity fund and Spain’s only listed venture capital firm for €115 million, the developer said in a statement today.

EYSA manages more than 120,000 on-street parking spaces across 60 Spanish cities, FCC said. The buyers were N+1 Private Equity – described as “one of the leading private equity firms targeting the Spanish and Portuguese markets, specialising in middle-market companies (enterprise value of €50 million to €250 million) – and Dinamia, Spain’s only listed venture capital firm.

The sale of EYSA marks FCC’s exit from the car park business. Around this time last year, the developer sold 31 underground parking lots throughout Spain, totalling 10,500 parking spaces, to Spanish insurer Mutua Madrileña.

FCC said the sale will allow it to focus on its core businesses – environmental services, infrastructure and energy – from which it derives more than 60 percent of its earnings before interest, tax, depreciation and amortisation (EBITDA). The company said it will also use some of the proceeds from the divestment to help cut its debt.