- The transaction is valued at over £120 million, inclusive of earn outs
- Vecturis Equity has acquired a minority stake in Intelli-Park alongside Palladian
- Intelli-Park is Palladian’s second investment
Palladian Investment Partners has acquired a majority stake in Intelli-Park, a UK-based parking technology and management service provider, in a buyout from its founder.
The transaction is valued at over £120 million ($146 million; €137 million), inclusive of earn outs.
Vecturis Equity, a German fund focused on mobility services, has acquired a minority stake in the business alongside Palladian as part of the transaction.
Intelli-Park is Palladian’s second investment.
“In recent years, Intelli-Park has achieved a well-earned position as an innovator at the forefront of the parking management market, providing its customers with the digital tools and services to operate their parking assets and enhance their own customers’ experience,” said Doug Oppenheim, a partner at Palladian.
Intelli-Park’s management team, led by co-CEOs Ben Cooke and Jeff Harrison, will remain in charge of the company.
Palladian’s investment will enable Intelli-Park to enhance its technology and service offering, accelerate the roll-out of EV charging infrastructure across its estate and undertake acquisitions in the UK and Europe, according to a release.
Palladian is an independent financial firm that backs mid-market companies. It typically invests from £15 million to over £100 million per transaction and acquires both minority and majority stakes.
Intelli-Park’s registered address is in Coventry.
The debt facilities to support the acquisition were provided by Pricoa.
Palladian was advised by Osborne Clarke and Paul Hastings (legal), Cortus Advisory (financial), EY (tax), KPMG (debt advisory) and GK Strategy (regulatory).