VIG-owned Hi-Parking buys Wilson Parking Korea

The size of the transaction was not disclosed. However, a source familiar with the situation told AVCJ that VIG was committing KRW35 billion ($31 million). This comprises new equity to support the Wilson deal and the purchase of secondary shares from HiParking management. VIG acquired an 83.3% stake in the company in 2016 for KRW27 billion and has now bought out the balance of the business.

Wilson was established in 2005 and currently operates more than 70 car parks, mostly located in prime office buildings in Seoul. The combination with HiParking will create the largest player in the industry, with over 240 prime car parks – and 80,000 bays – in metropolitan areas.

At the time of VIG’s acquisition in 2016, HiParking had 53 sites and 32,700 parking bays. A new CEO and CFO were brought in and since then the company claims to have achieved annual topline growth of more than 30%. HiParking is expected to benefit from consolidation as well as general growth in GDP per capita and consumer demand.

VIG targets mid-market buyouts across financial services, consumer goods, online and mobile commerce, and household appliances.

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• Topics
• North Asia
• Buyouts
• Real estate
• Infrastructure
• South Korea
• VIG Partners
• Transportation