CVC to Cinven Said to Weigh Bids for Spain Car-Park FirmManuel Baigorri and Kiel Porter
CVC Capital Partners Ltd., Ardian and Cinven Ltd. are among buyout firms considering offers for about 50 percent of Spanish car-parking company Empark Aparcamientos y Servicios SA, according to people familiar with the matter.
JPMorgan Chase & Co. is helping Madrid-based Empark find a buyer for the stake, which may fetch as much as 200 million euros ($272 million), two of the people said, asking not to be identified because talks are private. Representatives for Ardian, Cinven and JPMorgan declined to comment. CVC and Empark couldn’t be immediately reached for comment.
Private-equity firms are seeking deals in the euro region’s fourth-largest economy after it emerged from its second recession since 2008. Cinven agreed to buy Gas Natural SDG SA’s telecommunications unit for 510 million euros last month, and Bahrain-based Investcorp Bank BSC is working with JPMorgan to sell Spanish ceramics-products maker Esmalglass SA.
Empark operates almost 400,000 parking spaces in more than 170 cities in six countries including Spain, Portugal, the U.K. and Turkey, according to its 2012 annual report. Its adjusted earnings before interest, taxes, depreciation and amortization in 2013 was 63.3 million euros, a fall of 1.4 percent from a year earlier, it showed.