Imperial Parking Corporation (Impark) announced yesterday the Ontario Teachers' Pension Plan [OTPP] has entered into an agreement for the acquisition of Babcock & Brown Gates Parking Investments LLC, which includes Impark.
Although terms of the transaction were not disclosed, a release stated the deal is set to close in 2011.
The transaction was led by OTPP’s long-term equities group, which is focused on direct investments that have steady cash flow and growth potential over a long-term horizon and a low to moderate level of risk.
Allan Copping, CEO of Impark, said “We are extremely optimistic about the benefits of [OTPP’s] investment. The new partnership with [OTPP]will allow Impark to further invest in the technology, processes and people that enable us to deliver innovative parking solutions to our clients and customers.”
Headquartered in Vancouver, Impark is one of the largest parking management companies in North America, leasing or managing more than 2,000 parking locations comprising more than 400,000 parking spaces in more than 25 markets throughout Canada and the U.S.
Lee Sienna, vice-president, Teachers’ long-term equities, said “Impark has established a very strong position within the parking and real estate sectors.
As a market leader, it is an excellent fit with our investment criteria of providing reliable income streams, consistent performance and growth opportunities. We look forward to partnering with the Impark management team to continue building the company in Canada and achieving new expansion in key U.S. markets."
With $107.5 billion in assets as of December 31, 2010, the OTPP is the largest single-profession pension plan in Canada.
Jennifer Harrison