On May 4, 2004, Parking Management Fund, LP, a private investment limited partnership managed by the Gates Group, LLC, a Cleveland, Ohio-based private equity firm, acquired Vancouver, BC-based Imperial Parking Corp. (Impark). As a result of the transaction, Impark is now a wholly-owned subsidiary of Imperial Parking Management LLC, an affiliate of Parking Management Fund. Impark’s common shares were delisted from the American Stock Exchange as of the close of business on May 4, 2004 and will no longer be publicly traded. Each outstanding common share of Impark was converted into the right to receive a cash payment of US$26.015834 per share. The total value of the transaction (approximately US$55.2 million) was comprised of the equity value of approximately US$49.8 million as well as an assumed debt of approximately US$5.4 million.
Prudential Capital Group, a leading provider of senior and mezzanine debt capital, and CapitalWorks, LLC, a Cleveland merchant banking firm, were the Gates Group’s capital partners in the acquisition.
The Gates Group was represented by lead counsel Calfee, Halter & Griswold, with a team that included Jack Batt, Alyssa Bell, Matt Burke, Massimo Capretta, Tom Cicarella, Greg Dziak, Tom FitzSimmons, John Jenkins, Brian McMahon, Brent Pietrafese and Neil Whitford; and by Canadian counsel Blake, Cassels & Graydon, with a team led by Jillian Swartz, and included Simon Finch, Caroline Findlay, Chris Hersh, Randy Kaardal, Joan Kennedy, Ian MacIntosh, Colleen Myers, Kathleen Penny, Jeff Sommers and Aimee Yee.
Impark was represented by Todd Croll, vice-president and general counsel, and assisted by Willkie Farr & Gallagher, with a team that included Jack Nusbaum, Michael Schwartz, Heath Golden and Wendy Perlmutter, and Stephen Boyko and Daniel Kaplan of Goodwin Procter.
Prudential was represented by in-house counsel Armando Gamboa; by special counsel Schiff Hardin, with a team that included Mark Zaander, Steve Isaacs and Brendan Kelly; and by Macleod Dixon, who acted as Canadian counsel with a team that included Howard MacKichan, Ed Heakes, Frank Herbert, Mark Cooper and Jeff Nichols. CapitalWorks was represented by Glenn Morrical of Tucker Ellis & West.