Central Parking System Completes Sale of Canadian Operations; Announces Focus on Domestic Operations
Central Parking System today announced that it has completed the sale of its Canadian operations to VINCI Park. The sale includes Ideal Parking, the Companys Canadian subsidiary, and related operations.
Central Parkings Canadian operations represented only about 2.5% of total company revenues. The financial terms of the transaction were not disclosed.
The sale of our Canadian operations is another important step in the implementation of our previously announced strategic plan, said Emanuel J. Eads, President and Chief Executive Officer. This transaction combined with the sale last August of our operations in Europe and the planned sale of our operations in South America will largely complete our exit from international markets. International operations did not fit into our long-term strategic plan because they were not a significant part of our business and provided few, if any, operating synergies. Our exit from international markets will allow us to focus on the domestic U.S. market, which is our largest market by far and the one with the greatest potential for growth.
Going forward, we will build on the strengths of our domestic organization, which include a substantial presence in all major markets, advanced technological solutions and the best and most experienced management team in the business. We will focus our efforts on key market segments such as commercial and mixed-use developments, airports, stadiums/arenas and municipal operations. We also will continue to implement our Operational Excellence initiative and make enhancements to our technology to position us to provide even higher levels of operating efficiencies and customer service, added Eads.
Central Parking System is the leader in professional parking management. With offices in all major metropolitan areas in the United States, the Company operates approximately 2,700 parking facilities containing 1.3 million spaces. The Companys clients include some of the nations largest owners and operators of mixed-use projects, office buildings, hotels, stadiums and arenas as well as airports, hospitals and municipalities.
The sale of our Canadian operations is another important step in the implementation of our previously announced strategic plan, said Emanuel J. Eads, President and Chief Executive Officer. This transaction combined with the sale last August of our operations in Europe and the planned sale of our operations in South America will largely complete our exit from international markets. International operations did not fit into our long-term strategic plan because they were not a significant part of our business and provided few, if any, operating synergies. Our exit from international markets will allow us to focus on the domestic U.S. market, which is our largest market by far and the one with the greatest potential for growth.
Going forward, we will build on the strengths of our domestic organization, which include a substantial presence in all major markets, advanced technological solutions and the best and most experienced management team in the business. We will focus our efforts on key market segments such as commercial and mixed-use developments, airports, stadiums/arenas and municipal operations. We also will continue to implement our Operational Excellence initiative and make enhancements to our technology to position us to provide even higher levels of operating efficiencies and customer service, added Eads.
Central Parking System is the leader in professional parking management. With offices in all major metropolitan areas in the United States, the Company operates approximately 2,700 parking facilities containing 1.3 million spaces. The Companys clients include some of the nations largest owners and operators of mixed-use projects, office buildings, hotels, stadiums and arenas as well as airports, hospitals and municipalities.
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