Macquarie Asset Management has mandated both Greenhill and JP Morgan to advise on its planned sale of Iberian car park operator Empark, said sources familiar with the situation.

The two financial advisors will support MAM’s plan to divest 100% of Empark, which also trades under the name Telpark, in a process said to have already attracted EQT Infrastructure as a possible bidder.

The sale plans and JP Morgan’s appointment were reported in the Spanish press.

The deal is still at a very early stage, with the formal process yet to kick off and slated to come to market in the second part of 2025, the sources said.

Macquarie and JP Morgan declined to comment. EQT and Greenhill did not respond to requests for comment.

Empark generated EUR 107.3m of adjusted EBITDA in 2024, up 14% year-on-year and an all-time high for the company, according to its latest annual results published in March.

In one of the latest major deals in the Spanish car park market, Igneo Infrastructure Partners in 2023 sold Parkia to French car park operator Indigo Group for an EBITDA multiple of around 17x-18x.

The vast majority of Empark’s EBITDA – EUR 97.7m – came from its off-street division, while the remaining EUR 9.6m was EBITDA from its on-street business. Revenues rose 7% to EUR 211.2m last year.

The company also invested more than EUR 130m last year to expand its business with a mix of new car park acquisitions across Spain and Portugal. Its net debt as of December 2024 amounted to EUR 676.3m, with an average debt life of more than three years.

Empark is one of the largest car park operators in Iberia, managing around 335,000 off-street and on-street parking spaces in some 150 cities in Spain and Portugal.

Macquarie invested in the business in 2017 through its European Infrastructure Fund 5 (MEIF 5), in a deal said to have valued the company at around EUR 1bn.

Empark last month replaced its previous CEO Jo Cooper, an operating partner at Macquarie who had been at the helm of the company since 2019, with Pedro Agapito, who previously was CFO of the group.

Other recent Iberian car park M&A deals include this week’s sale by HIG Infrastructure of car park operator EYSA to French asset manager Tikehau Capital, while the infrastructure arms of Brookfield Asset Management and Partners Group recently bought Spanish car park operator APK Gestion de Aparcamientos (APK2).