KKR Infrastructure is considering a sale of its majority stake in Q-Park, two years after selling a minority stake in the European car park operator, four sources familiar with the situation said.

KKR is again working with Morgan Stanley as financial advisor on the sale process, sources said, adding that the process is likely to kick off over the summer.

KKR and Morgan Stanley declined to comment.

While KKR in 2024 sold a 20% stake in Q-Park to Spanish family office Pontegadea and, in two transactions, an 18% stake to foundation-owned investment group Interogo, it is now looking to sell a majority, or all of its remaining stake in the business, sources said.

KKR acquired Q-Park, which now has more than 5,500 facilities in the Netherlands, Germany, France, Belgium, the United Kingdom, Ireland and Denmark, in 2017 from a group of institutional investors.

It sold the Swedish, Norwegian, and Finnish operations of the company to Sumitomo Corporation in 2019.

Q-Park reported adjusted EBITDA of EUR 307.6m for 2025, compared with EUR 256.6m in 2024, on revenue of EUR 1.08bn, up from EUR 943m in 2024. During the year, total parking spaces increased to 1.24m from 1.2m.

The company completed two acquisitions in Germany during the year and was also helped by factors including increased use of its app to pre-book parking.

Q-Park noted earlier this year that the parking market has “changed structurally” since the pandemic, with operators having to grapple with factors including hybrid working and rising costs.

It said that the recent administration of rival UK operator National Car Parks had brought such pressures into sharper focus, and that it had sought to maintain its customer base by reinvesting in its facilities rather than operating a model “built on deferred investment and guaranteed demand.”

Q-Park earlier this year issued EUR 650m of debt, mostly to repay existing debt due in 2027.

[Editor’s note: The fourth paragraph has been amended to correctly identify Interogo as a foundation-owned investment group.]