By Jay Landers
Seeking to expand its operations into the U.S. market, Smart Parking Limited, a global provider of parking technology and management services, announced its acquisition of Austin, Texas-based Peak Parking for USD$36 million on February 17.
With offices in the U.K., Germany, Australia, and New Zealand, Smart Parking provides such offerings as license plate recognition technology, the online parking management platform SmartCloud, payment kiosks, vehicle detection sensors, the online reporting tool SmartCloud Hub, a compliance management system, and mobile attendants, according to the company’s website.
Smart Parking acquired 100% of the issued capital in Peak Parking, which focuses on parking garage management, valet parking, special events parking, enforcement services and consulting services. Peak Parking manages 134 sites across multiple states in the United States, according to a February 17 news release from Smart Parking.
“We are delighted to announce the acquisition of Texas-based Peak Parking, a strategic acquisition that broadens our global operations into the U.S., the largest parking operations market in the world,” said Paul Gillespie, the chief executive officer (CEO) of Smart Parking, in the release. “Peak Parking has built a well-respected parking management business since its beginning in 2016, which has resulted in an attractive and diverse portfolio of sites across the U.S.,” Gillespie said. “We are looking forward to welcoming the Peak team to Smart Parking and sharing our expertise and technology to accelerate long term growth in this exciting market.”
“I am confident that our transaction with Smart Parking will unlock unparalleled opportunities for our clients, setting a new benchmark among parking operators in the U.S. market,” said Will Spielhagen, the founder and CEO of Peak Parking, in the release. “We are excited by the prospect of delivering the highest calibre of service in the industry.”
The transaction purchase price of USD$36 million was funded from existing cash reserves, debt, Smart Parking shares, and an equity raising of AUD$45 million, according to the release.
Jay Landers is the editor-in-chief of Parking Today. He can be reached at jay@parkingtoday.com.
