Merger: “Parkdema“ + “UniPark“
A car parking company “UniPark“, belonging to an international group of companies “Modus Group”, and a company “Parkdema” managed by a fund “Energy and Infrastructure SME Fund” of investment management company “Lords LB Asset Management”, have entered into a merger.
The companies have submitted a request for merger to the Competition Council. The companies have announced that they plan to complete the transaction within two months of receiving the necessary permits.
The transaction value is not disclosed as is the distribution of shareholders in the future joint undertaking.
“Consistent growth and increased focus on active investment is one of the main goals of “Modus Group” group of companies. As regards parking business, we have ambitious growth goals not only in Lithuanian but also in foreign markets. Therefore, we appreciate the opportunity of operational merger which would enable the merged company to become the leading parking company in Lithuania, Estonia, Latvia and Poland“, - says in the announcement Liudas Liutkevičius, the Chairman of the Board of “Modus Group”.
According to him, after the merger, the obligations would remain unchanged in respect of each customer and employee. The customers could continue to use the car parking services that they are well familiar with.
The second large transaction
Meanwhile, Aidas Ignatavičius, the manager of a fund “Energy and Infrastructure Fund“, explains that this expansion phase is an extension of the last year's transaction of the fund for the acquisition of Polish parking operator “City Parking Group“.
“A network of parking lots that is operated by the fund is one of the largest in the Central Europe. We strive to further strengthen our positions in one of strategic investment directions of the fund. The merger with “UniPark” will help establish ourselves in the Baltic countries and will in turn create further opportunities for development in throughout the region”, - said Mr. Ignatavičius.
“City Parking Group“ provides parking services in Poland. The company operates more than 90 parking lots with more than 100,000 parking spaces.
“UniPark”, in turn, currently operates 110 car parking lots in Lithuania, Latvia, Estonia, Poland and Belarus, and the total number of operated parking spaces exceeds 18.500.
A group of companies “Modus Group“ which operates in Lithuania, Latvia, Estonia, Belarus, Poland and Spain, develops business in four areas: renewable energy, provides car sharing services (“CityBee“), offers smart parking solutions (“Unipark“) and manages a network of 18 car brand representative offices.
“Modus Group” revenue for the year 2016 amounted to 212,6 million euros and, compared to 2015, increased by 21,5 %. Earnings before interest, taxes, depreciation and amortisation (EBITDA) that the company earned over the preceding year amounts to 17.8 million euros.