Shareholders in Australia’s leading car park operator Secure Parking have agreed to sell a majority interest in its operations in Australia, New Zealand, United Kingdom, Singapore and Malaysia to Japan’s leading car park operator PARK24 for A$206 million.
The founders of Secure Parking, brothers Garth and Brett Mathews will retain a minority interest in the new Secure Parking partnership in each of the five countries. Both Garth and Brett Mathews will continue as Joint CEOs of Secure Parking.
Former partner Ariadne Australia Ltd (ASX: ARA) will sell 100 per cent of its shareholding in Secure Parking (including Australia, New Zealand and the United Kingdom) to PARK24. Ariadne has held its investment in Secure Parking since 2004 when it merged its Australian car parking operations with those of Secure.
In total the sale to PARK24 includes the management of 881 car parks and approximately 318,000 parking spaces across the five countries.
Secure Parking Founder and Joint CEO Garth Mathews said: “This agreement secures our market leadership in Australia through a timely and smooth transition to a new international partnership. PARK24 is also an industry leader in car park management and our new partnership provides a strong platform for the next stage of our international growth.
“At the same time Secure Parking’s brand name, senior management team and market leading technology will remain firmly in place,” Mr Mathews said.
The transaction is expected to complete in early 2017.
Secure Parking was recently named ‘Australian Parking Organisation of the Year’ at the Australian Parking Industry Awards.
Through its loyalty program Club Secure, Secure Parking regularly updates around 1 million of its customers with details of upcoming special events, loyalty discounts and other promotions for its members such as discounts at certain retailers and restaurants.
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