Korea's VIG Partners buys parking management business

This is the last investment from the GP's second fund, which closed at $350 million in 2014. It follows the acquisition of PVC windows manufacturer Winche last December for KRW135 billion and massage chair maker Bodyfriend last August at a valuation of KRW310 billion.

HiParking was established in 1999 and currently operates 53 sites with over 32,700 parking spaces, making it one of the largest domestic players. VIG expects the industry to see continued growth in line with rising GDP per capita and consumer demand. Chulmin Lee, a partner at VIG, added that the Korean parking industry is also set for consolidation, as has been the case in other developed markets.

VIG targets mid-market buyouts across financial services, consumer goods, online and mobile commerce, and household appliances. The firm recently agreed the first full exit from Fund II, with an approximately 2.5x return expected on the sale of the Burger King master franchise for Korea to Affinity Equity Partners.

VIG is understood to be in the process of raising its third full fund, which has a target of $500-600 million.

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• Topics
• North Asia
• Buyouts
• Infrastructure
• VIG Partners
• Vogo Investment
• South Korea