Company will roll out software to garage network in big cities
Central Parking has acquired a Texas marketer of software that monitors parking facilities and provides various back-office reporting services.
Nashville-based Central Parking isn\'t disclosing what it paid for most of the assets of Focus Point Parking, which runs an Austin command center that remotely monitors sites in Atlanta, Houston and Seattle. Central Parking also has brought on board industry veteran and Focus Point founder Clyde Wilson as well as a number of other employees.
"While this technology will not apply to all parking facilities, it does provide a compelling financial return for certain core self-parking garages in major metropolitan areas, especially those with high labor rates," said Central Parking CEO Jim Marcum. "We expect to be able to roll out this technology to certain markets in short order."
The deal comes a month after Central Parking said it had amended most of its debt covenants and was planning to spend money on "technological and organizational enhancements." Former CEO Emmanuel Eads – who was succeeded by Marcum in February – said early this year his team was focused on acquisitions as the industry rebounds
CEO says hiring of Movie Gallery, Sears veteran comes at important time
Central Parking System has recruited Cindy Baier to be its senior vice president and CFO. She will replace John Hill, who joined the company three years ago and is stepping down for personal reasons.
Baier, who began her career at the former Arthur Andersen, has amassed a range of executive experience. She comes to Central Parking having most recently been executive CFO at Movie Gallery, which liquidated the remnants of its store network last month. Before that, Baier was CFO at World Kitchen, president and COO at Whitehall Jewellers, and senior VP and GM at Sears, where she oversaw the credit and financial products division. She is a director of Bon-Ton Stores.
“We are excited to have Cindy join our executive management team,” said Central Parking President and CEO Jim Marcum. “The timing of Cindy’s joining the team is important as we are beginning to see some positive signs of our business improving, as well as our efforts to implement key strategic initiatives to better leverage our business.”
|
