At least three successful first-round bidders for the Chicago Parking Meters (CPM) concession moved forward to the second round of the Evercore-led sale, according to two sources familiar with the situation.

Infrastructure investors Stonepeak, EQT and Mechhi Infrastructure Partners are preparing to submit their next offers for the company that runs Chicago’s metered parking system, according to the sources.

Mechhi, which earlier this year partnered with JLC Infrastructure to acquire the Northeastern University parking system concession from QIC, is working with advisory firms Agentis Capital, Leo Berwick, and Infrata on its bid, according to the first source familiar and two additional sources familiar.

Agentis, Infrata, and Leo Berwick all declined to comment.

Macquarie Capital is supporting EQT on its bid, as reported. Round one bids for the company, which operates as ParkChicago, came in south of USD 3bn, according to the second source. The company is expected to generate USD 137m in EBITDA this year, as reported last month.

The concession company’s debt is transferable to a winning bidder, as reported last month.

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.

Around 20 firms signed non-disclosure agreements to study the business, and Evercore is expected to potentially act as a matchmaker to pair up bidders, as previously reported.

CPM’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. Cash generated from operating activities was USD 54m for 2024. Chicago Parking Meters won the 75-year concession contract in December 2008 and reached financial close in February 2009.

Stonepeak, EQT, Macquarie Capital and Morgan Stanley declined to comment. Mechhi Infrastructure Partners, Evercore, and Chicago Parking Meters did not respond to a request for comment.