N+1 buys car park business for €115m

Spanish mid-market firm N+1 and listed Spanish PE firm Dinamia have bought EYSA, an FCC subsidiary which manages 120,000 on-street parking spaces across 60 Spanish cities.

N+1 Private Equity and Dinamia, Spain’s only listed venture capital firm whose portfolio is managed by N+1, have purchased car park company EYSA  for €115 million from Spanish infrastructure developer FCC.

EYSA manages more than 120,000 on-street parking spaces across 60 Spanish cities, FCC said in a statement.

The sale of EYSA marks FCC’s exit from the car park business. Around this time last year, the developer sold 31 underground parking lots throughout Spain, totalling 10,500 parking spaces, to Spanish insurer Mutua Madrileña.

FCC said the sale will allow it to focus on its core businesses – environmental services, infrastructure and energy – from which it derives more than 60 percent of its earnings before interest, tax, depreciation and amortisation (EBITDA). The company said it will also use some of the proceeds from the divestment to help cut its debt.

N+1 is a Spanish mid-market firm with a 19-year track record. It manages and advises three funds: the  €171 million Dinamia Capital Privado listed fund; the  €176 million N+1 Private Equity Fund I, which is in the processing of being exited; and the  €304 million N+1 Private Equity Fund II, which was closed in April 2008 and had deployed 30 percent of its capital as of the end of 2010.