La Défense, September 1st, 2022
Indigo & Patria complete the business combination of their car parking activities in Brazil
Indigo Group, the global car parking and individual mobility operator, and Patria Investments, leader in alternative investments focused on Latin America, completed on August 31st, 2022 the combination of PareBem, the subsidiary of an investment fund managed by Patria Investments, and Administradora Geral de Estacionamentos, Indigo Group's Brazilian car parking subsidiary, following the approval of the transaction by the Brazilian anti-trust authority. Through a limited cash-out, Indigo Group holds a controlling stake of c.55% in the combined entity, the remainder of which will be owned by the investment fund managed by Patria Investments.
With this complementary combination of the number 2 and number 3 car parking players, Indigo Group continues to pursue its growth strategy in its core business in Brazil, enriching its portfolio of long-term contracts by expanding its geographical presence in Sao Paulo, Porto Alegre, Rio de Janeiro, Fortaleza and Curitiba and integrating on-street parking services. The combined entity will operate the car parks under the INDIGO brand and will be more competitive in the various local markets.
Building on its established relationship with local clients, PareBem operates in Brazil around 150 car parks, while Administradora Geral de Estacionamentos operates around 200 car parks. The new entity manages around 330,000 spaces, making it one of the leaders in the highly promising Brazilian market for individual mobility.
The combined entity brings its clients reinforced expertise in parking operation, digital channels, customer experience, and commitment to operational excellence and improved efficiency by creating significant synergies, with the ambition of promoting new services within its parking infrastructures to accompany its customers towards "smart mobility".
Indigo Group financed the cash outflow required for this transaction with its current liquidity of 480 million euros1 as of June 30th, 2022 (including 180 million euros of cash[1], as well as 300 million euros of undrawn RCF maturing in October 2027).
As set out in its strategic plan, Indigo Group confirms its positioning as a key partner of the public and private sectors for car parking and individual mobility solutions, as well as its solid and profitable growth strategy in infra countries where it holds a significant position, in the long term and with the intention to maintain its Investment Grade rating, while pursuing its innovation and quality policy focused on its customers.
Banco ABC Brasil and Banco Santander Brasil acted as financial advisors to Patria Investments and Indigo Group, respectively. Pinheiro Neto Advogados and Machado Meyer Sendacz e Opice Advogados acted as legal advisors to Patria Investments and Indigo Group, respectively.
About Patria Investments
Patria is a leading alternative investment firm focused on Latin America, with over 30 years of history and combined assets under management of $26.3 billion, and a global presence with offices in 10 cities across 4 continents. Patria aims to provide consistent returns in attractive long-term investment opportunities that allow for portfolio diversification through its Private Equity, Infrastructure, Credit, Public Equities and Real Estate products. Through its investments Patria seeks to transform industries and untangle bottlenecks, generating attractive returns for its investors, while creating sustainable value for society.
Visit www.patria.com
About PareBem
An urban mobility company, Grupo PareBem is responsible for managing more than 150 car parks across Brazil. In 2015, it received investments and became controlled by Patria Investments, a global alternative asset management company and a pioneer in the Private Equity industry in Brazil. With a solid financial structure, the company has a legacy of strong growth through intensive investment in technology, innovation and the improvement of management processes, standing out for its efficiency and operational excellence. With a focus on generating value for its customers, the best experience for users, PareBem currently employs around 1,800 people and operates in shopping malls, hospitals, airports, commercial buildings, on-street parking in 7 cities, among others.
Visit www.parebem.com.br
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Indigo Group
| Analysts / investors contact: | Press contact: |
| Noe Poyet | Benjamin Voron |
| ir@group-indigo.com | benjamin.voron@group-indigo.com |
About Indigo Group
Indigo Group S.A., holding Indigo Infra, Indigo Neo (ex-OPnGO) and INDIGO®weel, is a key global player in car parking and individual mobility, that manages more than c. 1.3 million parking spaces and related services in 9 different countries.
Indigo Group is indirectly held at approximately 47.8% by Crédit Agricole Assurances, 33.4% by Vauban Infrastructure Partners, 14.4% by MEAG, 0.3% in treasury shares and the remainder by the management of the group.
Visit www.group-indigo.com
Disclaimer
The information in this press release has been included in good faith but is for general informational purposes only. All reasonable care has been taken to ensure that the information contained herein is not untrue or misleading. It should not be relied on for any specific purpose and no representation or warranty is given with regards to its accuracy or completeness. It should be read together with the information on Indigo Group S.A. published on its website at www.group-indigo.com
This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. Its making does not constitute a recommendation regarding any securities. Nothing herein may be used as the basis to enter into any contract or agreement.
This press release may contain forward-looking objectives and statements about Indigo Group's financial situation, operating results, business activities and expansion strategy. Although we believe these objectives and statements are based on reasonable assumptions, they are subject to numerous risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. All forward-looking statements are management's present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The information is valid only at the time of writing and Indigo Group does not assume any obligation to update or revise the objectives on the basis of new information or future or other events, subject to applicable regulations. Additional information on the factors and risks that could have an impact on Indigo Group's financial results is contained in the documents filed by Indigo Group with the French securities regulator (AMF) and available on its website at www.group-indigo.com.
Neither Indigo Group nor any affiliates or their officers or employees shall be liable for any loss, damage or expense arising out of any access to or use of this press release, including, without limitation, any loss of profit, indirect, incidental or consequential loss.
No reproduction of any part of it may be sold or distributed for commercial gain nor shall it be modified.
[1] Including the cash of companies accounted for under IFRS 5
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