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Bridgepoint drives off with a sevenfold return

European buyout firm Bridgepoint has sold its five-year investment in Swedish car park operator Carpark for approximately €325m.

Bridgepoint, a European mid-market private equity firm, has sold Swedish parking business Carpark to Q-Park, a Dutch owner and operator of multi-storey car parks.
 
No price was disclosed, but the enterprise value for the deal is understood to have been approximately Skr3 billion (€325 million), returning more than seven times the original investment for Bridgepoint.
 
UBS advised Bridgepoint on the sale, which included interest from both trade and financial buyers. Linklaters provided legal advice, while Ernst & Young provided accounting due diligence.
 
London-based Bridgepoint acquired Carpark, known as Nordisk Parkering, in July 2001 in a secondary buyout from UBS Capital.
 
According to Bridgepoint, Carpark occupies the number one market position in Sweden and Denmark and the number two position in Finland. In 2001, Carpark bought Norway’s fourth largest car park operator Scanpark, giving it the number two position in the Norwegian market.
 
Q-Park’s acquisition will add a further 285,000 parking spaces to its European portfolio, which numbers 510,000 in total.