Parking tech firm sold to consortium in £120m deal
Parking technology and management firm Intelli-Park has been sold in a £120m deal, to an international consortium of investors led by Palladian Investment Partners.
The Coventry firm helps landowners manage their car park sites whilst driving asset monetisation by deploying its Mobility-as-a-Service (MaaS) ecosystem. It currently employs 270 staff and manages more than 2,000 sites across the UK, with blue-chip clients including McDonalds, Savills, JLL, the NHS and Cushman & Wakefield.
More recently, Intelli-Park announced a landmark contract with Shell to distribute EV technology across its sites and separately expanded operations into Germany. The business, led by Ben Cooke, has evolved into a one-stop shop for parking solutions.
The backing from Palladian and other investors including Vecturis Equity will enable Intelli-Park to advance its technology and service offering, accelerate the roll-out of EV charging infrastructure across its estate and undertake acquisitions in the UK and Europe.
Solano Partners was the exclusive financial advisor to Intelli-Park on the transaction. The Solano Partners team was led by Jon Edirmanasinghe and Steph Frayne.
Ben Cooke, group Co-CEO of Intelli-Park commented: “These strategic partnerships represent a significant milestone for our company and will empower us to continue providing best in class technology solutions to our clients and will further accelerate our digital footprint in the market. We are very excited about the future and look forward to working closely with Palladian and Vecturis to achieve our shared vision”.
Doug Oppenheim, Co-Managing Partner of Palladian said: “In recent years Intelli-Park has achieved a well-earned position as an innovator at the forefront of the parking management market, providing its customers with the digital tools and services to optimise their parking assets and enhance their own customers’ experience. The Palladian team looks forward to supporting the senior management team and all their colleagues to continue Intelli-Park’s growth over the coming years.”
Jon Edirmanasinghe, founder of Solano Partners said: “We are delighted to have advised Intelli-Park on its transformational sale and investment from a consortium of international investors, which was led by Palladian Investment Partners and included Vecturis Equity. The newly formed partnership will accelerate Intelli-Park‘s growth, which includes geographical expansion and ongoing technology development to bridge the digitisation gap in the wider mobility-as-a-service arena.
“The deal highlights strong appetite for fast growing, tech businesses led by forward thinking management teams and Solano’s ability to unlock transformational outcomes for its clients.”
