KKR has announced that 100% of the shareholders of Q-Park have accepted its offer for all shares in Q-Park.
Q-Park is one of Europe's leading parking services providers, with 871,449 parking spaces in 6,343 parking facilities across ten Northwest European countries. Q-Park provides a high level of quality which is maintained by a workforce of 2,152 full-time employees with costs controlled through the use of increasingly smarter solutions and systems.
Under KKR's ownership, Frank De Moor, Chairman of the Management Board and CEO since 2014, and Marcello Iacono, CFO since 2015, will continue to head the management team. All current arrangements with works councils, relevant trade unions and Q-Park's staff remain in place.
The transaction is subject to customary regulatory approvals and is expected to close in the second half of 2017. Q-Park's ownership shifts from the current group of shareholders to KKR's infrastructure funds.
Vincent Policard, Director of KKR Infrastructure, said:
"We are delighted to have received the approval of the full Q-Park's shareholder base. We look forward to working with the company to support its growth strategy, team up with public and private partners to provide mobility solutions for the cities and offer Q-Park enhanced access to funding in the context of the anticipated consolidation of the fragmented parking industry."
Frank De Moor, CEO of Q-Park, said:
"This is an important milestone for Q-Park. KKR's sector expertise, track record and broad range of financial and operational capabilities make it the perfect partner for the next stage in the company's development. I look forward to working closely with the KKR team as we capitalise on the opportunities ahead of us."