Latest HiParking News
Sep 8, 2019
Reuters photo September 1, 2019 South Korean buyout fund VIG Partners has signed an agreement to sell 100 per cent interest in car park management firm HiParking to Plat, a subsidiary of a public company Humax, in a $140.2-million deal (170 billion Korean won), according to a press statement. VIG Partners invested in HiParking in mid-2016 through its Fund II. The fund expects to record a multiple of 3.2x on its total investment of 30 billion Korean Won, per the statement. The deal is expected to close by the end of October. Plat, the local operator of car-sharing service platform Carplat, is a subsidiary of South Korean-listed solution provider of the smart home and automotive infotainment Humax. Following the acquisition, HiParking’s name will be changed to Humax Mobility. VIG managing partner Chulmin Lee said, in the statement, “HiParking has been a market-leading player in the parking management industry in Korea since VIG’s acquisition. VIG further solidified its dominant position by acquiring the competitor, Wilson Parking Korea (currently named Hi City Parking), in December 2018. VIG was convinced that the parking management service will serve as a bedrock to the mobility platform services in the near future.” Aside from this exit process, VIG Partners is also in the final close of fund IV which is expected around $800 million. VIG Partners, which was set up in 2005, invests in small and medium-sized enterprises across a range of industries such as financial services, consumer goods, online and mobile commerce, and household appliances.