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. 

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.”

Mark Pegler, ParkVia Managing Director, added: “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, said: “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.”

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.

ENDS

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About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Connected Capital’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£1.4 billion of assets under management and, since its IPO in December 2014, has invested c.£111million gross into its direct investment portfolio.

The Group raises its own Enterprise Investment Scheme (EIS) Funds and manages Venture Capital Trusts (VCTs) details about open offers can be found through Mercia’s website.

Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –

• Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
• Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
• EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560

www.mercia.co.uk

Notes to Editors

About CAVU

CAVU is a global organisation founded by Manchester Airports Group plc with more than 80 years of aviation expertise. Its solutions include a proprietary eCommerce platform called propel™, Intelligent Performance commercial services, Distribution capabilities and physical Passenger Experiences in the form of airport lounges and bars. It operates in 23 countries, across 300 airports, with 1,200 suppliers and 3,000 individual parking products and a range of other travel related products.

It also operates 24 airport lounges across the UK and US serving over 2.5m lounge guests annually, with four more lounges already secured to open in FY24.

For more information visit ca.vu or contact [email protected] for media enquiries.

About Parkvia

Parkvia is Europe’s favourite airport parking retailer, offering travellers a convenient way to find and book parking spaces at 2,000 locations across the world. This wide network of parking providers, coupled with collaborations with 26 airlines, means Parkvia is well positioned to simplify the travel experience for customers with the right parking options to suit their needs.