Renta 4| Park Air is a leader in ground-to-air radio systems for civil and military air traffic management.
Its customers include air navigation service providers, airports, systems integrators and government military organisations.
Park Air has annual sales of around €20 million, achieved negative EBIT in 2022, more than 120 employees and a partner and distribution network that enables it to supply systems in more than 100 countries.
The acquisition would broaden the product portfolio as Indra had no radio systems of its own. The transaction is expected to be completed later this month and is subject to customary regulatory approvals.
Assessment: The acquisition of Park Air would be a good fit for the Transport & Traffic division. The valuation would be around €5 million, at an attractive multiple: EV/sales 0.25x, taking into account that the operating result is negative. Indra’s objective would be to restructure the company and extract synergies to achieve double digit margins, similar to those of the Transport and Traffic division. P.O. €15.4. Overweight.
