Wilson Parking Korea

Nov 29, 2018

Photo: Reuters November 28, 2018 South Korean private equity firm VIG Partners , through its subsidiary Hi Parking, has reached an agreement to acquire local car park operator Wilson Parking Korea. In a release, which did not disclose the financial terms of the deal, VIG said the acquisition of Wilson will make Hi Parking number one player within the market with over 240 prime car parks (~80,000 parking bays) under operation in metropolitan areas. VIG acquired a controlling stake in Hi Parking in 2016 and will inject new capital in the firm for the 100 per cent acquisition of Wilson Parking Korea. The PE firm also said it plans to purchase the remaining 16.7 per cent stake it doesn’t currently own in Hi Parking early next year. 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. Since inception, it has invested in 17 portfolio companies through its three vehicles – Fund I, II, III. Its latest fund was closed last year at $600 million and counts Korea’s National Pension Service (NPS) as one of its limited partners. This year, it has announced investments in several Korea-based companies including a $128.5-million investment in local cosmetic contact lenses manufacturer Star Vision. It also acquired Youyoung Industries, a local shoe fabrics maker for global sportswear brands, for 220 billion won ($206 million). Also Read: