Vinci Park submits EUR 800m offer for Empark
Vinci Park, the Spanish parking company, has submitted a EUR 800m offer for the whole of Empark, a source and a banker close to the situation said.
The original plan of the auction, advised by JPMorgan and Caixa BI, was to sell Portuguese holding company A Silva & Silva, which included a 50.34% stake in Empark. However, Vinci also wants to buy out the remaining shares held by a group of minority shareholders, several sources said. The proposal was submitted last week, a minority shareholder source said, adding that the minority shareholders are expected to reach a decision about whether to accept it or not by the end of this month. A sector banker believes that minority shareholders will accept Vinci’s bid.
Vinci Park is competing against Eugenio Hinojosa, a Spanish investor with businesses in the parking sector, which is thought to have made an offer of more than EUR 800m, the banker close to the situation said. This could mean Vinci will likely have to increase its offer for Empark if it wants to succeed, he added.
Empark's minority shareholders are ES Concessions International Holding (22.21%); Transport Infrastructure Holding Company (8.27%); Ahorro Corporacion - AC Desarrollo (8.27%); Espirito Santo Infrastructure Fund I (8.27%); Mellopark (2.58%); and other shareholders (0.06%).
According to the minority shareholder source, Vinci Park wants at least a 95% stake of Empark, though a second source said that Vinci is expecting to own at least a 90% stake.
Vinci Park is owned by Ardian (37.5%), Credit Agricole Assurances (37.5%), and the French group Vinci (25%). Vinci is using Rothschild as advisor, the minority shareholder source said.
Eugenio Hinojosa and Vinci Park did not respond to requests for comment. Empark declined to comment.
Empark closed the last 12 months to end-September 2014 with adjusted revenues of EUR 178.0m and adjusted EBITDA of EUR 65.5m, 3.5% above the 2013 figure. The adjusted EBITDA margin of its operations was 36.8%. Empark refinanced its debt with a EUR 385m high-yield bond issued on 18 December 2013, as reported.