Central has sold all its European Operations (except Greece) to APCOA. Here’s the news release:
NASHVILLE, Tenn. – (August 10, 2007) – Central Parking Corporation today announced that it
has completed the sale of its European operations to the APCOA Group. The sale includes the
Company’s operations in the United Kingdom, the Republic of Ireland, Spain and Switzerland.
The Company’s operations in Poland were sold previously to APCOA. Excluded from the sale
was the Company’s interest in its joint venture in Greece. The financial terms of the transaction
were not disclosed.
“We are very pleased with this transaction, which is consistent with our previously announced
strategic plan,” said Emanuel J. Eads, President and Chief Executive Officer of Central Parking
Corporation. “One of the key components of our strategic plan is the divestiture of operations in
markets in which the Company has a small market share and significant barriers to growth.
Despite having a presence in the United Kingdom since 1991, our European operations
accounted for less than three percent of company revenues last year. Moreover, our operations
in these countries were largely stand alone businesses with virtually no common clients or
synergies with the rest of our company. Given our relatively low market share in these countries
and the multiples being paid for parking companies in Europe, we viewed this as an opportune
time to sell these operations.”
Well, I predicted this move here, That was three weeks ago. Read PT’s Blog and keep up to speed. According to Butch Eads, above, the European group amounted to only about 3% of their revenues, but it had to be distracting. Remember, the sale of Central was about the real estate, most of which is on the block now. My guess is that in a few months we will see a very different Central Parking.