Imperial Parking Corp, a portfolio investment of Ontario Teachers’ Pension Plan, has acquired the assets of Pacific Parking Management, a parking management company based in San Francisco. The financial terms of the transaction were not disclosed. The acquisition adds new facilities to Imperial Parking’s current portfolio in the Bay Area, where it is a leading operator. Based in Vancouver, Imperial Parking was in 2011 bought by Ontario Teachers from a joint venture that included U.S. private equity firm Gates Group Capital Partners.
Impark Acquires Assets of Pacific Park Management, San Francisco
VANCOUVER, July 14, 2014 /CNW/ – Imperial Parking Corporation (“Impark”), one of North America’s leading parking operators, today announced it has completed the acquisition of assets of Pacific Parking Management, a parking management company based in San Francisco, California. The terms of the transaction were not disclosed.
The acquisition encompasses parking operations at 49 facilities in the San Francisco Bay Area, and includes two prominent garages owned by the San Francisco Municipal Transit Authority (SFMTA); the Civic Center Garage and Performing Arts Garage. As part of the transaction, Impark will assume responsibility for the Bay Area Rapid Transit (BART) online parking reservations system and the event parking management at 34 BART stations.
Pacific Park Management was founded in 1995 by Behailu Mekbib and Sam Tadesse, who will continue to be involved through a transition period. “The team at Pacific Park Management has worked hard to develop strong relationships with both customers and clients, and I am confident Impark will continue to deliver excellent service” commented Mr. Tadesse.
“We are very pleased to have concluded this transaction” said Allan Copping, Impark’s President & CEO, “The addition of the Pacific Park Management portfolio accelerates Impark’s solid history of growth in the Bay Area, and we look forward to continuing to build on the high benchmark set by PPM for these operations”.
With the acquisition complete, Impark cements its position as one of the leading operators in the Bay Area, adding the new facilities to its current portfolio that includes parking at AT&T Park for the San Francisco Giants, The SFMTA Fifth and Mission and Golden Gateway Garages, as well as Embarcadero Center, and historic Fort Mason.
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.
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