Ampco System Parking Acquires Healthcare Parking Systems of America, Inc.

Ampco System Parking, a wholly owned subsidiary of ABM Industries Incorporated (NYSE:ABM), announced that it has acquired the assets of HealthCare Parking Systems of America, Inc. (HPSA), a provider of healthcare-related parking services based in Tampa, Florida.
With annual revenues in excess of $26 million, HealthCare Parking Systems of America is a provider of "five-star" parking management services exclusively to hospitals, health centers, and medical office buildings across the United States. The acquisition will greatly expand Ampco's nationwide capabilities by increasing the number of states in which it provides its services from 29 to 39, with much of the expansion occurring on the East Coast. Contracts associated with some of the most prestigious medical facilities in Florida, Georgia, New York, North Carolina, Pennsylvania, and Virginia are included in the acquisition.

"The acquisition of the assets of HealthCare Parking Systems of America provides Ampco an important and strategic expansion into a growing segment of the parking industry," said Richard Kindorf, president of Ampco System Parking. "HPSA has clearly established itself as the preeminent operator in healthcare parking, and we are thrilled about the addition of Mike and the entire HPSA team to our firm. We hope to leverage HPSA's proven segment-based expertise and our own existing regional operating infrastructures to further grow the sector. This is a tremendous opportunity for both organizations," added Kindorf.

Founded in 1997 by Michael D. Malatin, HealthCare Parking Systems of America has expanded rapidly and is widely recognized for its dedication to quality customer care and innovation. Offering a vast array of specialized parking services to its healthcare clients and customers, the company prides itself in its ability to meet the unique needs of the patients and guests that it serves. HPSA has tailored its training efforts, several of which have been based on the Joint Commission of Accredited Healthcare Organization's (JCAHO's) "Environment of Care" standards, to ensure that every expectation is met.

"With ABM's financial strength and Ampco's capabilities in the marketplace, our success and ongoing commitment to the healthcare segment, we can further enhance opportunities to expand our business. The employees of HPSA and I are excited to be part of the ABM team," said Malatin.

Financial terms of transaction included an initial cash payment of $7.1 million. Additional cash consideration of approximately $4.7 million is expected to be paid based on financial performance of the acquired business over the next three years. Due to the specialized nature of the segment, the HealthCare Parking Systems business will be managed as an operating unit of Ampco System Parking and Malatin will continue as president of HPSA.

About Ampco System Parking Inc.

Ampco System Parking is an industry leader, operating more than 1,600 lots and garages across the country, including parking facilities at or adjacent to such major international airports as Austin, Buffalo, Dallas-Fort Worth, Denver, Honolulu, Omaha, Orlando, and San Jose. With the acquisition, parking services will be offered in 39 states at approximately 1,800 locations.

About ABM Industries Incorporated

ABM Industries Incorporated (NYSE:ABM) is among the largest facility services contractors listed on the New York Stock Exchange. With fiscal 2006 revenues in excess of $2.7 billion and more than 76,000 employees, ABM provides janitorial, parking, security, engineering and lighting services for thousands of commercial, industrial, institutional and retail facilities in hundreds of cities across the United States and British Columbia, Canada. The ABM Family of Services includes ABM Janitorial, Ampco System Parking, ABM Security Services, ABM Facility Services, ABM Engineering, and Amtech Lighting Services.
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