CENTRAL PARKING CORPORATION ANNOUNCES AGREEMENT TO MERGE WITH STANDARD PARKING CORPORATION
Deal will Create Leading Provider of Outsourced Parking Facility Management, Transportation and Related Services
NASHVILLE, TN – (March 1, 2012) – Central Parking Corporation announced today that it has signed a definitive Agreement and Plan of Merger with Standard Parking Corporation (NASDAQ: STAN). When completed, the combined company will have over 25,000 employees and will manage over 4,400 facilities comprised of more than two million parking spaces throughout North America.
"We are pleased to announce this merger and look forward to completion of this transaction in the third quarter of 2012," said James Marcum, Chief Executive Officer and President of Central Parking. "Together, Standard and Central have an improved ability to invest in developing products and technologies that will benefit our clients and customers," Added Cindy Baier, Central’s Chief Financial and Administrative Officer. "The economies of scale also improve our ability to deliver improved returns to our investors."
"The combination is an opportunity to blend the best of both companies delivering new opportunities for our associates while accelerating the services offered to our customers and value generated for our clients." continued Marcum.
- Standard Parking’s SP Plus® transportation, maintenance and security service divisions will expand across Central Parking’s client base, offering a wider array of ancillary services, and Standard Parking’s SP Plus® Gameday operating division and Click and Park online parking reservation and payment tool will complement and add value to Central Parking’s clients and customers.
- Central Parking’s various consumer-facing products, including its USA Parking hospitality subsidiary, which provides valet services to more four and five diamond resorts and hotels in the United States than any other firm, the recently expanded Focus Point remote management command center as well as the consumer focus reflected by over fifty consumer websites and Central Parking’s iPhone and Android apps, will all bring enhanced service capabilities to Standard Parking’s clients.
According to Rick West, Executive Vice President, "There are over 100 million parking spaces in the United States, so the combination of Central Parking and Standard Parking will be great for consumers as we make it easier for consumers to find, get directions, information and shop for parking options."
"I am extremely pleased with the continuing commitment to the parking industry of Central Parking’s ownership, comprised of funds affiliated with Kohlberg & Company, LLC, Versa Capital Management, LLC and Lubert-Adler Real Estate Funds," added Marcum. Gordon Woodward, Kohlberg & Company’s Chief Investment Officer, added, "We are excited about the transformational nature of this transaction. The combined company's scale and complementary strengths will create a market leader and offer superior service to clients and end consumers."
The Boards of Directors of both companies have unanimously approved the transaction and the stockholders of Central Parking have already voted to approve the transaction. The transaction remains subject to Standard Parking’s stockholder approval, anti-trust and other regulatory review, consummation of financing and other customary closing conditions. The merger is currently expected to close in the third quarter of 2012.
About Central Parking
Central is a leader in parking management serving large and small property owners, infrastructure funds and governmental clients to maximize service, revenue and value creation. With operations in 39 States and Puerto Rico, the Company’s locations include: mixed-use developments, office buildings, hotels, stadiums and arenas, airports, hospitals, universities, municipalities, and toll roads. In addition, through its USA Parking subsidiary, Central is one of the premier valet operators in the nation with more four and five diamond luxury properties including hotels and resorts than any other valet competitor. Central’s over one million parking spaces operate under the brands Central Parking System, CPS Parking, New South Parking and USA Parking.
For additional information contact:
Rick West, email@example.com , phone 212.321.7516