Imperial Parking Corp (Impark), a portfolio company of Ontario Teachers’ Pension Plan, has acquired Republic Parking System, a parking management company based in Chattanooga, Tennessee, as well as the affiliated Republic Parking Northwest, which is based in Seattle, Washington. No financial terms were released. Vancouver-based Impark said the acquisition significantly expands its footprint in the United States. The number of North American parking locations operated by the company now totals about 3,400. Impark was acquired by Ontario Teachers in 2011.
Impark Acquires U.S.-wide parking company; Republic Parking
VANCOUVER, British Columbia, April 8, 2016 /PRNewswire/ — Imperial Parking Corporation (“Impark”), one of North America’s leading parking operators, today announced it has completed the acquisition of Republic Parking System, a parking management company headquartered in Chattanooga, TN, and Republic Parking Northwest, based in Seattle, (collectively “Republic Parking”) operating facilities in more than 100 cities in the United States. The terms of the transaction were not disclosed.
Founded in 1966 by prominent business leader and philanthropist, James C. Berry, Republic grew to be a significant provider of parking management services in the United States with over 770 locations and 2,500 employees. The company specializes in providing parking, shuttle, curbside valet and traffic management services to airports, also parking and citation management systems for municipalities, as well as operating commercial parking operations in cities including Chattanooga, Denver, Houston and Seattle.
Commenting on the transaction, Scott Titmus, President of Republic Parking System stated, “Republic was founded on providing a truly hands-on approach to managing parking services for our clients, and I am excited this transaction will see us maintain our commitment to that promise, while taking advantage of the technology and systems platform that Impark continues to invest in. This is a ‘win-win’ for everyone involved.” Titmus went on to say that he expects the transition to be seamless regarding management and staff and the company will continue to operate under the Republic Parking System brand.
Gary Beck, President of Republic Parking Northwest, added, “We are pleased to be joining forces with Impark to create the leading parking operator in the Pacific Northwest and continue the tradition of service excellence to our clients”.
The seller was represented by The Spartan Group.
The acquisition of Republic Parking significantly expands Impark’s footprint in the United States, firmly establishing the organization as one of the largest parking companies in North America. Allan Copping, Impark’s Chief Executive Officer, said of the transaction, “The Republic transaction is a perfect fit with Impark’s business. In addition to increasing the geography and client base served, the acquisition brings expertise in both the airport and municipal parking sectors, as well as a talented and experienced management team.”
Imperial Parking Corporation (Impark), with U.S. headquarters in Philadelphia, PA and corporate headquarters in Vancouver, B.C., Canada, is one of the largest parking management companies in North America with approximately 3,400 locations, and over 9,000 employees.
Photo courtesy of Republic Parking System