Wed, 16 Oct 2024 | BUSINESS SALE
Airport products and services firm CAVU Group has bought Parkos, a European platform for comparing and booking airport parking.
CAVU, founded by Manchester Airports Group in 2022 and still a subsidiary of the company, helps clients such as airports, airlines and travel agents create better travel experiences for their customers and boost revenues. This includes better passenger lounge and food and drink experiences, digital marketing and leveraging data and insights. Examples of its work include boosting car park reservations growth at Brisbane Airport.
According to its latest accounts filed to Companies House for the year to March 31, 2024, CAVU recorded revenues of £35 million, up from £24.5 million the previous year.
It has been boosted by the launch of its new e-commerce platform called propel last year as well as increased passenger numbers in airports despite the cost-of-living crisis.
CAVU, whose name comes from the aviation meteorology term ‘Ceiling and Visibility Unlimited’, hopes the acquisition of Netherlands group Parkos will turbocharge its presence in the European airport parking market and beyond.
Parkos supports customers with the airport parking process by offering travellers comparison and booking tools, partnering with more than 1,000 parking providers across 15 countries and 186 airports.
"We’re thrilled to take this next step in our growth journey with Parkos,” said Martin Jones, CAVU chief executive. “The addition of Parkos allows us to accelerate innovation, elevate our services, and reinforce our position as a market leader.”
Arne Bos, co-founder of Parkos alongside Peter Bosma, added: “We are confident that through this acquisition, we will realise tremendous synergies in the future and be able to serve our customers even better together. Both companies have the same focus on innovation, customer orientation, and delivering high-quality solutions for travellers.”
The deal builds on CAVU’s purchase of Manchester-based parking reservation platform ParkVia last year.
Find out more about the take-off of M&A deals in the travel sector
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