Standard Parking Corporation Acquires Philadelphia's Expert Parking
CHICAGO, Dec. 8, 2010 (GLOBE NEWSWIRE) -- Standard Parking Corporation (Nasdaq:STAN), one of the nation's leading providers of parking management, ground transportation and other ancillary services, today announced that it has completed the acquisition of Expert Parking, Inc., a parking management company based in Philadelphia, Pennsylvania. Expert Parking currently manages the parking operations at twenty-six locations throughout the greater Philadelphia metropolitan area. The operations span a diverse variety of property types that include office, hotel, residential, municipal, hospital, university and commercial locations.
Expert Parking's founder, Debra Fogel, will continue working with the Company. In addition to maintaining existing client relationships, Ms. Fogel will support the Company's business development efforts as it continues to grow its Philadelphia operations. Commenting on the transaction, Ms. Fogel stated, "I'm very enthusiastic about the prospect of continuing to serve our client base with the additional depth in expertise and products that Standard Parking brings to the table."
Steven A. Warshauer, the Company's Executive Vice President of Operations for the Company's East Division, stated, "We're delighted to have concluded this acquisition, which complements our operations in New York and New Jersey and will enhance our growth throughout the Northeast corridor. I'm also thrilled that Debra will remain involved with the business, as she is a seasoned entrepreneur who is well known throughout the Philadelphia service area for her commitment to excellence in serving her clients."James A. Wilhelm, Standard Parking's President and Chief Executive Officer, noted, "We're glad this transaction has been completed and now are focusing on the integration. We expect to realize a total purchase price multiple within the 4x to 6x EBITDA range that we typically target. We believe the acquisition will be accretive on an on-going basis, pending the completion of a purchase price allocation analysis." Standard Parking is a leading national provider of parking facility management, ground transportation and other ancillary services. The Company, with approximately 12,000 employees, manages approximately 2,200 facilities, containing over 1.2 million parking spaces in approximately 340 cities across the United States and four Canadian provinces, including parking-related and shuttle bus operations serving more than 60 airports.
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