Impark Finalizes Acquisition of “Republic Parking’


Impark Finalizes Acquisition of “Republic Parking’

Imperial Parking Corp. (Impark), one of North America’s leading parking operators, has completed the acquisition of Republic Parking System (RPS), a parking management company headquartered in Chattanooga, and Seattle-based Republic Parking Northwest (RPNW) – collectively, “Republic Parking” – operating facilities in more than 100 U.S. cities. The terms of the transaction were not disclosed. 
Founded in 1966 by business leader and philanthropist James C. Berry, Republic grew to be a significant provider of parking management services in the U.S., with more than 770 locations and 2,500 employees. The company specializes in providing parking, shuttle, curbside valet and traffic management services to airports; in parking and citation management systems for municipalities; in running commercial parking operations in cities including Chattanooga, Denver, Houston and Seattle.   
Commenting on the transaction, RPS President Scott Titmus said, “Republic was founded on providing a truly hands-on approach to managing parking services for our clients, and I am excited that this transaction will see us maintain our commitment to that promise, while taking advantage of the technology and systems platform that Impark continues to invest in. 
“This is a ‘win-win’ for everyone involved,” Titmus said, adding that he expects that the transition will be seamless regarding management and staff, and that the company will continue to operate under the Republic Parking System brand.” 
RPNW President Gary Beck said, “We are pleased to be joining forces with Impark to create the leading parking operator in the Pacific Northwest and continue the tradition of service excellence to our clients.” 
The acquisition is said to significantly expand Impark’s footprint in the U.S., firmly establishing the organization as one of the largest parking companies in North America. 
Impark CEO Allan Copping said, “The Republic transaction is a perfect fit with Impark’s business. In addition to increasing the geography and client base served, the acquisition brings expertise in the airport and municipal parking sectors, as well as a talented and experienced management team.”  
[Sources: Impark, Republic]
Article contributed by the Parking PT team.
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