Private equity group Kohlberg Kravis Roberts has entered into an agreement with the shareholders of Saba Infraestructuras to acquire a 12.5 percent shareholding in the car park and logistics operator.
Saba used to be part of Spanish developer Abertis, but was sold in May to a consortium of local investors including investment bank Criteria CaixaHolding, private investment firm Torreal and private equity company ProA Capital for €400 million. It was not revealed how much KKR will pay for its 12.5 percent stake in Saba.
Saba comprises two distinct businesses: a car parks operation managing 195 car parks across 80 cities in Spain, Italy, Chile, Portugal, France and Andorra; and a logistics business operating a network of 10 logistic parks across Spain, including two prime assets in the vicinity of Barcelona’s port area. Last year, Saba posted €193 million of operating revenue and €80 million in earnings before interest, tax, depreciation and amortisation (EBITDA).
“The stable nature of Saba Infraestructuras fits our investment criteria and its parking business has shown superior resilience during the economic downturn,” Jesus Olmos, the head of KKR’s European infrastructure business, commented in a statement.
KKR’s investment in Saba is its third major European infrastructure investment this year. It follows a June deal with Sorgenia to invest in operating wind assets in France and a July partnership with insurer Munich Re to acquire 49 percent of Grupo T-Solar, which KKR describes as “the largest European solar photovoltaic power generator”.