Wilson Parking seeks clearance to buy Tournament Parking

Friday 14th August 2015

Wilson Parking New Zealand, owned by Hong Kong’s Kwok family, is seeking Commerce Commission clearance to buy 10 sites owned by rival Tournament Parking in Auckland and Wellington.

Auckland based Wilson, the country's biggest public parking provider with 270 facilities, has applied to the regulator for clearance to buy 10 of Tournament's 13 car parking sites, the commission said in a statement.

In 2013, Wilson bought 63 of Tournament's car parking licences across the country, sparking the regulator to investigate whether the deal would stifle competition before clearing the acquisition.

Wilson paid $29.4 million for the Tournament leases it acquired in 2013, and last year spent $29.6 million buying First Security Guard Services, according to financial statements lodged with the Companies Office. After the June 30, 2014 balance date, Wilson said it bought a number of car property related assets for $7.5 million.

The company boosted revenue 66 pecent to $80.1 million in the year ended June 30, 2014, generating a 23 percent increase in net profit to $2.7 million, according to the statements.

BusinessDesk.co.nz

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