Estapar Estacionamentos, a São Paulo, Brazil-based parking infrastructure and services operator, received R$400m investment.
Equity International, the investment firm founded by Sam Zell that focuses on emerging markets, made the investment, which is expected to close by the fourth quarter of 2016. EI will take a seat on Estapar’s board of directors when the transaction closes.
The company intends to use the funds to broaden its portfolio to include parking infrastructure in airports, arenas, concessions and private long-term contracts.
Founded in 1981 and led by Chief Executive Officer Andre Lasi, Estapar manages over 1,000 parking lots in 75 municipalities and 17 states. The operation has over 360,000 parking spaces under management, serving 15 million vehicles on a monthly basis. In the off-street segment (paid parking on public roads), Estapar, a concessionaire in 19 cities, managing 30,000 parking spots, employs over 8,500 employees.
It is also backed by BTG Pactual, Bozano Investimentos and Templeton Emerging Markets.