Standard Parking Corporation Completes Merger With Central Parking Corporation
CHICAGO, Oct. 2, 2012 (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 closed its merger with the parent of Central Parking Corporation, which is now a wholly-owned subsidiary of the Company. In connection with the merger, the Company today issued 6,161,334 shares of common stock to the stockholders of the parent of Central Parking.
With the completion of the merger, the Company's combined location base expands to more than 4,200 parking facilities containing over 2.2 million parking spaces in hundreds of cities across the U.S. and Canada, effectively doubling its size.
"We're excited about today's closing, and now can look forward to the long-term opportunities that the merger creates for our Company," said James A. Wilhelm, Standard Parking's President and Chief Executive Officer. "By blending the best of both companies, we'll be able to enhance the suite of services and products we provide to our clients and customers. We believe we're now positioned to become the preferred provider of outsourced parking facility management, ground transportation maintenance, travel demand management and security services to commercial, institutional and municipal clients."Robert S. Roath, Standard Parking's Chairman, said, "We're thrilled to be able to finally start working with Central Parking's team of professionals to create additional value for our clients, customers and stockholders." Gordon H. Woodward, Kohlberg & Company's Chief Investment Officer and, along with Paul Halpern and Jonathan Ward, a new member of Standard Parking's expanded Board of Directors, added, "The leadership teams from both companies have made excellent progress in laying the foundation for an effective, smooth integration. We look forward to the Company's exciting future as the integration is completed and beyond." The Company will continue to conduct operations using the existing Standard Parking and Central Parking brands while a thorough evaluation of the go-forward brand strategy is conducted.
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