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Teachers to buy Imperial Parking
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Toronto Star- The Ontario Teachers’ Pension Plan announced Tuesday that it is acquiring Imperial Parking Corp., one of the largest parking management companies in North America, for an undisclosed sum.
Under terms of the deal, Teachers will buy Babcock & Brown Gates Parking Investments LLC, which includes Imperial Parking.
BBGPI, a joint venture between Gates Group Capital Partners, a Cleveland-based private equity firm, and London-based Global Partners Fund, acquired Impark in 2006.
The transaction, expected to close in 2011, was led by the pension plan’s long-term equities group.
Lee Sienna, vice-president, long-term equities, said Impark, as a market leader, “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,” Sienna said.
Impark CEO Allan Copping said the “new partnership with Teachers’ 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 and currently leases or manages in excess of 2,000 parking locations, consisting of more than 400,000 parking spaces, in over 25 markets throughout Canada and the United States.
The Ontario Teachers’ Pension Plan, with more than $107.5 billion in assets, is the largest single-profession pension plan in Canada. It invests the pension fund’s assets and administers the pensions of 295,000 active and retired teachers in Ontario.
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