ABM Industries Incorporated (ABM 21.51, 0.04, 0.19%) announced today that its wholly-owned Ampco System Parking subsidiary has acquired select parking assets from the L&R Group of Companies. The cash transaction closed on September 30, 2010. ABM Industries, which operates through its subsidiaries, is a leading United States provider of facility services.
Ampco acquired substantially all of the assets of three parking companies -- Five Star Parking, Network Parking Company Ltd., and System Parking, Inc. -- with significant parking operations throughout the United States. The acquired assets generate annual revenues of more than $160 million, employ approximately 2,500 people and service more than 450 key client accounts across the U.S.
The acquisition extends Ampco\'s service in major urban areas, including Chicago, Philadelphia, Boston and San Diego, while complementing its already strong presence in cities such as Los Angeles, Cleveland and Cincinnati. The transaction also expands Ampco\'s presence at airports. As a leader in airport parking management, Ampco provides a wide range of parking services at a number of the nation\'s largest airports. The combined business will manage parking operations at more than 2,000 offices, airport, hospital, retail, entertainment and multi-use locations in 232 cities and 40 states throughout the U.S.
"This acquisition enhances our Parking business\' national footprint and U.S. leadership through the addition of valued clients, new cities and a talented group of service-oriented employees," said Steven Zaccagnini, Executive Vice President, ABM Industries. "We look forward to extending our parking management services across a broader geography and to building on our base of client business in the key areas we currently serve."
Said ABM Industries President and CEO Henrik Slipsager: "We continue to seek strategic acquisitions that expand and complement our core businesses. Our recent investment in system infrastructure will yield cost-saving synergies and result in a seamless transition of these key assets into our existing parking operation."
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