UK private equity investor Pelican Capital is celebrating a roughly 6.5x return through the exit of parking technology provider YourParkingSpace.
The sale to trade buyer Flowbird Group comes two years after Pelican invested in the UK business.
Pelican invested £5m in the company in the teeth of the coronavirus pandemic, when the business was hailing opportunity from workers returning from Covid lockdowns.
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It said at the time that large space owners were suffering from declining footfall driven by the shift to online shopping and commerce, encouraging them to assess ways to optimise their parking estates.
Pelican said YourParkingSpace had grown 125% in the past 12 months alone. The company provides an online marketplace for parking spaces, driveways and garages for rent throughout the UK.
The private equity firm provides funding to businesses with management teams needing up to £25m of equity funding to accelerate growth.
Its partners invest a “substantial amount of their own capital” in the businesses the firm backs, alongside funds from family offices.
Source: Alt Assets
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