London, 14th July 2022
Today, the UK’s fastest growing parking technology provider, YourParkingSpace, has announced that it has been acquired by the global leader in urban mobility, Flowbird Group.
Pelican Capital invested in YourParkingSpace in September 2020 and since then the business has grown substantially, developing best-in-class technology solutions. The exit generates a return of up to 6.5 times money for Pelican Capital.
YourParkingSpace was founded in 2013 and specialises in parking technology solutions, developing the world’s most customisable end-to-end digitally led parking solution whilst also operating the UK’s leading pre-book and subscription marketplace. The business has grown by 125% in the past 12 months alone.
Flowbird Group is the global market leader in on-street parking, working with more than 4,350 municipalities in over 80 countries. In addition, its smart parking technology includes ticketing equipment, validation terminals and associated software systems for public transport, generating revenues of more than €300 million (£256 million) annually.
Pelican Capital and YourParkingSpace worked closely with Solano Partners to deliver the transaction. Solano Partners is an independent boutique investment bank that was launched in 2022 to support businesses at the forefront of technological innovation.
Harrison Woods, CEO of YourParkingSpace, said: “I’d like to thank Pelican Capital who have assisted us throughout the journey to-date, backing the business in 2020 during the height of Covid-19. Their support over the past two years has been invaluable.”
Anthony Francis, partner at Pelican Capital, added: “We would like to thank Harrison and the team for their exceptional delivery. We backed their vision to deliver truly disruptive technology and they did just that. Now, with Flowbird’s network and scale, this is a very exciting time for the business.”
The shareholders were advised by Solano Partners (corporate finance), Mishcon (legal) and Claritas Tax (tax). Pelican Capital was advised by Stephenson Harwood (legal).
