Imperial Parking Corp. of Vancouver, British Columbia, completed the purchase of City Center Parking Inc., a parking management company based in Portland, Oregon. Terms of the transaction were not disclosed. Imperial Parking was acquired by Ontario Teachers’ Pension Plan in 2011 from a joint venture that included US private equity firm Gates Group LLC, which originally invested in the company in 2006.
Impark Acquires City Center Parking of Portland, Oregon
VANCOUVER, Jan. 3, 2013 – Imperial Parking Corporation (“Impark”), one of North America’s leading parking operators, today announced it has completed the acquisition of City Center Parking, a parking management company based in Portland, Oregon. City Center Parking operates 198 parking facilities in Portland and Salem, Oregon, and Vancouver, Washington. The terms of the transaction were not disclosed.
City Center Parking’s managing partners, Greg & Mark Goodman, will continue to be involved in the business on an ongoing basis. Commenting on the transaction, Greg Goodman stated, “The Company was started by our grandparents and grew substantially through the efforts of my father, Doug Goodman. In selling our parking business we were looking for a buyer who would continue the commitment to playing an active role in the Portland community. We have every confidence that Impark is an extremely capable custodian for the company going forward, so much so that we agreed to enter into long-term operating contracts with Impark to manage all 28 of our family’s properties used for parking.” Mark Goodman added, “Due in large part to the hard work of our 460 dedicated employees, City Center Parking has built long standing relationships with its clients and customers, and we know that Impark will continue to honor those relationships, as well as offer both the clients and parking customers a new level of expertise and technology”.
The acquisition of City Center Parking expands Impark’s presence in the Western United States, and solidifies its position as one of the largest parking management companies in North America. Allan Copping, Impark’s Chief Executive Officer, said of the transaction, “We are delighted to have completed the acquisition of such a well-established company and look forward to continuing to deliver on its long standing service reputation”.
Impark plans to continue to operate the business with by the same day-to-day 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 2,300 locations, and 4,000 employees.
Photo courtesy of Shutterstock.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.