ParkVia – the Manchester-based company behind a leading global parking reservation platform – has been acquired by CAVU, part of the Manchester Airports Group plc.
The deal provides an exit for ParkVia’s investor Mercia, which has backed the company since 2018 via its EV Growth II Fund. The acquisition is part of CAVU’s strategic plans to become the number one provider of airport products and services worldwide. It will enable it to grow what is already the largest inventory of airport parking worldwide, and further expand its presence in Europe while unlocking new opportunities in ports, rail stations, city centres, and other locations.
Founded in 2008, ParkVia enables travellers to find and book parking spaces at 2,000 locations across the world. The company, which has a team of 18, won the Queen’s Award for Enterprise in the category of International Trade in both 2014 and 2019.
Mark Pegler, ParkVia Managing Director (pictured), said: “For over 15 years we have been offering customers a one-stop shop where they can choose the right parking, lounges and other airport services. Mercia was key in helping us transition from being an owner-managed business. During the trials of the pandemic in particular, they reaffirmed their support and helped us get where we are today. Joining forces with CAVU will enable us to double down on our vision and provide us with mutual opportunities to accelerate our growth, creating more value for our passengers and the businesses that serve them.”
The Mercia team included Wayne Thomas and Alex Hirst.
Wayne Thomas, Managing Director of Mercia’s EV Growth II Fund, added: “We have worked closely with Mark and the management team since the investment, supporting the business through the difficult days of the pandemic, which has helped to ensure that it bounced back quickly. Since then we have continued to introduce new initiatives to bolster trading. This is a perfect example of how Mercia’s private equity model can assist growth and achieve a great result. Becoming part of CAVU and the wider Manchester Airports Group plc is a natural progression for the business and will help establish it as a dominant player in the airport car park booking market.”
Martin Jones, CAVU CEO, said: “This is an exciting opportunity for both ParkVia and CAVU. Our organisations have shared ambitions, culture and values. We’ll be combining our inventory to access new customers through more channels in our core markets, as well as exploring new markets together as we continue to scale our travel marketplace globally.”
Mercia and the shareholders were advised by a North West team from Grant Thornton corporate finance led by Partner Peter Terry, supported by Chris Ryan and Alex Parry. Brabners provided legal advice to the shareholders.