L&R Group of Companies Completes System Parking Inc. Acquisition

The L&R Group of Companies ("L&R"), headquartered in Los Angeles, California, announced that it has completed the acquisition of System Parking, Inc. ("System"), headquartered in Chicago, Illinois.
This acquisition integrates System into one of the nation's largest parking organizations, bringing together Five Star Parking, WallyPark, Joe's Auto Parks and System Parking, Inc. all under one roof. The inclusion of System into the L&R Group of Companies adds an additional 250 locations and creates a company that employs over 5,000 employees in 28 Cities in 17 States from coast to coast. L&R's business model differentiates itself from other national parking operators, as L&R not only operates parking facilities under its four brand names, but also owns a significant national parking real estate portfolio in 12 states. The L&R Group of Companies has a significant airport, off-airport, government contracts division and a construction division which builds new state of the art parking facilities. L&R will maintain the System Parking brand name and management team, will expand System's ability to enter into airport, off-airport, and government contracts, and will enable System to more actively participate in real estate ventures and construction opportunities. In turn, System will allow the L&R Companies to expand its operations into the hotel and hospital parking sectors with a strong market share in Chicago, Illinois.

"This acquisition combines one of the best known brand names in parking for the past 88 years, System Parking, Inc., with one of the largest parking real estate portfolios in the nation, the L&R Group of Companies. The result is a powerful business model of complete vertical integration, and a deeper national platform to service our clients from coast to coast," said Chief Executive Officer David Damus. "This merger combines two complementary firms to create a new company that will be an innovative industry leader for years to come."

Damus added, "In addition to expanding and enhancing the traditional parking services that L&R provides, this pairing of System Parking's strong Hotel and Hospital divisions with Five Star Parking's Airport/Government Contracts division and WallyPark's Off-Airport business will create unique synergies in the full range of services that L&R can provide to existing and new clients. Our ability to leverage and cross-market our brand names is a tremendous advantage in the parking industry. The addition of System to the L&R Group of Companies will strengthen L&R's already strong footing to build a national real estate investment and parking management company that can offer its clients integrated solutions and its employees expanded professional opportunities."

"The merger with L&R is a transformational event in the 88-year history of System Parking," said John Phillips, CEO of System Parking. The company will continue to be based at its current location in Chicago, Illinois. System Parking will be a wholly owned division of The L&R Group of Companies.

About The L&R Group of Companies

L&R, headquartered in Los Angeles, California, is a privately held, well-capitalized organization that operates three distinct parking divisions: Five Star Parking, WallyPark and Joe's Auto Parks. Five Star Parking is one of the largest and most successful parking operators in the United States with a proven track record of success and experience across the whole spectrum of parking operations, from surface lots to commercial parking structures to major international airports, including operation of the JFK, LaGuardia and Newark airports, which is the single largest parking contract in the United States comprised of approximately $225 million in annual revenue for the Port Authority of New York and New Jersey. Five Star Parking takes an "ownership" approach to operations designed to maximize revenue, lower overhead and achieve enhanced customer loyalty.

WallyPark is one of the largest national off-airport parking companies located in five states and provides travelers with a unique level of customer service. Travelers are pampered with a higher level of airport parking services which extends beyond secure, convenient facilities and 24-hour shuttles to include free amenities, special member programs and exclusive car care services in select locations.

For over 50 years, Joe's Auto Parks has been one of the largest parking operators in Los Angeles, with more than 85 downtown locations, each strategically located in and around some of Los Angeles' most well known, high density attractions and destinations. Joe's parking lots are a filming favorite for all of the major studios who use the lots to shoot major motion pictures, television shows, and commercials.

About System Parking

Since 1920, System Parking has specialized in providing customers and clients with tailored parking solutions. The company is one of the premiere parking companies in the United States, with approximately 244 locations in 7 states and 14 cities.

System Parking Inc. designs customized, cost-effective parking solutions and specializes in a number of different parking venues consisting of hotels, hospitals, schools, surface lots, condominium and residential properties, office buildings, parking enforcement and shuttle bus services.

For additional information on the L&R Group of Companies and its divisions, please visit www.tlrgc.com.

The The L&R Group of Companies logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4834

CONTACT: The L&R Group of Companies
David P. Damus, Chief Executive Officer
(213) 784-3016
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