Standard Parking Corporation, one of the nation's leading providers of parking management services, announced today that it had signed a non-binding letter of intent to acquire the Illinois and Wisconsin parking operations of System Parking, Inc.
System Parking, a privately-owned enterprise based in Chicago, operates a total of approximately 124 locations in Chicago and Springfield, Illinois and in Milwaukee, Wisconsin. Standard Parking's agreement to consummate the transaction is subject to completion of due diligence that currently is underway as well as finalization of definitive legal documentation. Financial terms of the acquisition were not announced, as they also are subject to completion of the due diligence. The transaction is expected to close in the fourth quarter of this year.