Central Parking and Standard Parking Agree to Merge
Ropes & Gray is advising Central Parking Corporation in its planned $347 million merger with Standard Parking Corporation, announced on Feb. 29. The combined company will have approximately 2.2 million parking spaces under management across North America, while also offering maintenance, transportation and security services.
The Ropes & Gray team advising Central Parking is led by private equity partners Dan Evans, and includes tax partner Jay Milkes, and associate Adam Greenwood. Real estate partner Peter Alpert is handling a separate sale of real estate by Central Parking that is critical to completing the merger transaction. Central Parking is owned by affiliates of Kohlberg Investors V, L.P., Lubert-Adler Partners, L.P. and Versa Capital Management, LLC.
The transaction is expected to close in the third quarter of 2012, subject to Standard Parking stockholder approval, antitrust and other regulatory review, consummation of financing and other customary closing conditions.