The Brief:
EQT agrees to pay Five V Capital around $475m for parking and enforcement tech business Orikan — at least a three-times return for investors.
Gilbert + Tobin advised Five V. HSF Kramer acted for EQT.
EQT Partners is having a big month.
Days after the Swedish buyout firm lobbed a stealth bid at ASX-listed Perpetual, EQT signed up to acquire Five V Capital’s Melbourne-based smart parking business Orikan.
The deal
EQT has agreed to pay Five V roughly $475m for Orikan, delivering investors at least a three-times return on their original money.
Orikan builds the software that local governments and private operators use to manage, monetise and enforce on-street and garage parking. A sale flyer sent to interested parties in February forecast $110m revenue and $32m EBITDA by FY27 — a 14% revenue compound annual growth rate since FY23.
Deutsche Bank ran the auction for Five V. It reportedly drew interest from overseas buyers JustPark and Civica, along with buyout firms Pacific Equity Partners and TPG in the early stages.
Five V first bought a 69% stake in Orikan through its Fund IV in 2022. The business itself was born from a merger of DCA Cities and Global Parking Solutions. Under Five V dealmakers Justin England and Nick Larkin, Orikan went on to snap up Melbourne-based UbiPark and revenue management company Billing Bureau.
Completion is expected by the end of 2026, subject to regulatory approvals.
Who’s acting
Gilbert + Tobin advised Five V on all aspects of the deal, from documentation and execution through to the regulatory side. Corporate Advisory partners Peter Cook and Beth Cameron led the deal, backed by lawyers Hugo Zicat and Matthew Harrington.
Herbert Smith Freehills Kramer advised EQT. Partner Raji Azzam led, with senior associate Damien Devnarain and solicitors Lachie Haysman, Angela Liu and Rosalind Wei.
What they said
G+T’s Beth Cameron said:
“Orikan has built a strong position as a technology-led platform in parking, enforcement and compliance, and this transaction reflects the strength of the business and the growth delivered during Five V’s ownership.”
HSF Kramer’s Raji Azzam said:
“We are proud to have worked with the team at EQT again on this investment, which continues the build-out of its Asia mid-market strategy.”
Source: AFR, Orikan, G+T, HSF Kramer