July 26, 2011
TORONTO - The Ontario Teachers' Pension Plan (Teachers') today announced it has entered into an agreement for the acquisition of Babcock & Brown Gates Parking Investments LLC (BBGPI), which includes Imperial Parking Corporation (Impark), one of the largest parking management companies in North America. Terms of the transaction are not being disclosed.
Impark, headquartered in Vancouver, B.C., currently leases or manages more than 2,000 parking locations, consisting of more than 400,000 parking spaces, in over 25 markets throughout Canada and the United States. 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 current transaction, which is expected to close in 2011 and is subject to regulatory approval, was led by Teachers' 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.
"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," said Lee Sienna, Vice-President, Long-Term Equities.
"We are extremely optimistic about the benefits of Teachers' investment," said Allan Copping, CEO of Impark. "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. As Impark enters its 50th year, the company is well positioned to develop its core strengths and continue its sustainable growth."
With $107.5 billion in assets as of December 31, 2010, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 295,000 active and retired teachers in Ontario. For more information visit www.otpp.com.
Director, Communications and Media Relations
Ontario Teachers' Pension Plan