Chicago Parking Meters’ (CPM) financial advisor Evercore asked suitors to submit final bids for the concession on Thursday (20 November), said four sources familiar with the matter.

Infrastructure investor Stonepeak submitted a bid by the deadline, said two of the sources. Mechhi Infrastructure Partners, alongside a consortium of institutional investors, made an offer for the asset, said the other two sources.

EQT, advised by Macquarie Capital, has been participating in the sale process, as reported, though it could not be learned if the financial sponsor placed a final bid.

Evercore is expected to revert to suitors for CPM by mid-next week before the Thanksgiving holiday, the second source said.

The concessionaire, which operates as ParkChicago under a 75-year contract and runs the city’s metered parking system, is expected to generate USD 137m in EBITDA this year, as reported.

Chicago -based infrastructure investors JLC and Ullico had been part of a team with Apollo that participated in the first round of the auction, but the group’s bid came in below sellers’ expectations, two of the sources said.

CPM launched the sale process in June after the City of Chicago reached a settlement with the company to pay USD 15m and hire more meter enforcement agents to resolve a long-running dispute, as previously reported.

The asset’s current sponsors, Morgan Stanley’s North Haven Infrastructure Partners (50.1%), Allianz Capital Partners (25%) and Abu Dhabi Investment Authority (24.9%), previously explored a sale of the business in 2016, but elected in early 2017 not to proceed with a deal, Infralogic reported at the time.

CPM had USD 161m in revenue and USD 94.6m in operating income for 2024, up from USD 151m and USD 81.1m in 2023, respectively, according to the financials published by the city. Cash generated from operating activities was USD 54m for 2024.

JPMorgan helped CPM refinance USD 360m notes due this year in September.

Chicago Parking Meters won the 75-year concession contract in December 2008 and reached financial close in February 2009.

EQT declined to comment. ADIA, Allianz, Apollo, EQT, Evercore, JLC, Mechhi, Stonepeak and Ullico did not respond to requests for comment.