Central Parking Going Private - TheStreet

Central Parking Going Private

A private equity consortium will pay $22.53 a share.
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Central Parking

(CPC)

agreed to be taken private by a group of private equity firms for $22.53 a share.

The price represents a 31% premium over the stock's closing price Nov. 27, the day before the parking garage operator announced that it was exploring strategic alternatives. The stock closed Tuesday at $21.22.

Based on the company's roughly 32.5 million shares outstanding, the deal is valued at around $732 million.

The company will be acquired by a holding company formed by Kohlberg & Co., Chrysalis Capital Partners and Lubert-Adler. The deal is expected to close in the second quarter.

"This agreement represents a strong endorsement of our strategic plan and the significant progress we have made in executing the plan," said Emanuel Eads, Central Parking's president and chief executive. "With the full backing of private equity partners who recognize our growth potential and share our vision for the future, we will be in an even stronger position to deliver outstanding service to our management clients, landlords and parking customers."

Central Parking shares recently were trading up 91 cents, or 4.3%, to $22.13.