Standard Parking Corporation Completes Acquisition of G.O. Parking

Standard Parking Corporation today announced that it has completed the acquisition of certain assets of G.O. Parking in Chicago, Illinois. The acquisition adds 25 locations to Standard Parking's portfolio.
James A. Wilhelm, President and Chief Executive Officer of Standard Parking said, "The acquisition of G.O. Parking marks our second substantial acquisition in the Chicago market. Chicago continues to be one of our key markets, and this acquisition will give us a leading position in the Chicago residential marketplace.

"We expect to be able to integrate this acquisition with little or no incremental G&A, thereby realizing a total purchase price multiple within our desired range of 4x to 6x EBITDA. While the acquisition will add significantly to operating income and free cash flow, the net income impact will be tempered by purchase accounting. We expect this acquisition to be accretive on an on-going basis, pending the completion of a purchase price allocation analysis."

Standard Parking is a leading national provider of parking facility management services. The Company provides on-site management services at multi-level and surface parking facilities for all major markets of the parking industry. The Company manages over 2,000 facilities, containing over one million parking spaces, in more than 320 cities across the United States and Canada, including parking-related and shuttle bus operations serving approximately 60 airports.
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