Blackstone Advises Imperial Parking on Sale to The Gates Group

May 6, 2004, 00:00 AM by User Not Found
NEW YORK - May 6, 2004 - Imperial Parking Corporation ("Impark") (AMEX:IPK) has announced that it has been acquired by Imperial Parking Management, LLC, an affiliate of The Gates Group, LLC, a private equity firm based in Cleveland, Ohio ("Gates"). Completion of the transaction followed Impark's shareholder meeting held on April 29, 2004, at which Impark shareholders approved the proposed merger, and the satisfaction of all other remaining closing conditions.

NEW YORK - May 6, 2004 - Imperial Parking Corporation ("Impark") (AMEX:IPK) has announced that it has been acquired by Imperial Parking Management, LLC, an affiliate of The Gates Group, LLC, a private equity firm based in Cleveland, Ohio ("Gates"). Completion of the transaction followed Impark's shareholder meeting held on April 29, 2004, at which Impark shareholders approved the proposed merger, and the satisfaction of all other remaining closing conditions.

As a result of the merger, Impark has become a wholly-owned subsidiary of Imperial Parking Management LLC, and each outstanding share of Impark common stock has been converted into the right to receive a cash payment of approximately $26.02 per share in cash.

As a result of the merger, Impark's common stock will no longer be publicly traded and, effective as of the close of business on May 4, 2004, will be delisted from the American Stock Exchange.

The Blackstone Group L.P. served as exclusive financial advisor to Impark in this transaction.

About Imperial Parking Corporation:

Imperial Parking Corporation, headquartered in Vancouver, B.C., Canada is the largest parking operator in Canada and one of the four largest in North America. Impark currently owns, leases or manages more than 1,680 parking locations containing over 325,000 parking spaces in Canada and the United States.

About The Blackstone Group:

The Blackstone Group, a private investment firm with offices in New York, Boston, Atlanta, London and Hamburg, was founded in 1985. The Blackstone Group's six core businesses are Corporate Advisory, Restructuring and Reorganization Advisory, Private Equity Investing, Private Real Estate Investing, Corporate Debt Investing, and Marketable Alternative Asset Management.