Park’N Fly Launches Aeroplan Bonus Mile Offer

October 22, 2018

 

 

Park’N Fly Launches Aeroplan Bonus Mile Offer

 

 


For a limited time, earn 250 Bonus Aeroplan Miles

 

 

 

Park’N Fly, Canada’s premier off airport parking provider, announced today a new promotion aimed at rewarding Aeroplan members. Until December 21, 2018, Aeroplan members can earn 250 bonus  Aeroplan Miles when they stay at Park’N Fly’s Valet locations in Toronto, Winnipeg and Vancouver – and Self Park locations in Ottawa and Edmonton.

Members must present promotional code 2915 along with their Aeroplan number at time of check out to receive bonus miles. A minimum four-day stay is required.  Visit www.parknfly.ca/aeroplanoffersfor offer details, terms and conditions.

A Canadian operated company with over 40 years of airport parking experience, Park’N Fly has earned the reputation for providing cost effective services for both business and leisure travellers. Park’N Fly operates in Halifax, Montreal, Ottawa, Toronto, Winnipeg, Edmonton and Vancouver.


Media Contact

Michelle Harris
mharris@parknfly.ca

 


About Park’N Fly

Park’N Fly is Canada’s premier off airport parking provider, whose footprint spans the Canadian landscape, from coast-to-coast. Today, operating in 7 markets nationwide, Park’N Fly offers consumers a choice of parking solutions, tailored to meet every traveler’s budget.  In addition, Park’N Fly also offers additional value added services such as detailing and oil changes. For more information, visit parknfly.ca.

South Africa’s mass transit sector secures US$ 10 million and ZAR 1.4 billion African Development Bank loans

October 22, 2018

 

 

South Africa’s mass transit sector secures US$ 10 million and ZAR 1.4 billion African Development Bank loans

 

 

The financing will support the Company’s growth plans and initiatives to support Small and Medium Enterprises (SMEs) in the country’s mass transit segment
ABIDJAN, Ivory Coast, October 22, 2018/ — The African Development Bank (www.AfDB.org) has approved over US$100 million in loans to SA Taxi Development Finance Limited, a wholly owned subsidiary of SA Taxi Finance Holdings Proprietary Limited, a vertically integrated business platform that provides a comprehensive financial and allied services offering to minibus taxi operators.

The minibus taxi system accounts for about 69 percent of all public transport trips in South Africa. The financing will support the Company’s growth plans and initiatives to support Small and Medium Enterprises (SMEs) in the country’s mass transit segment.

Approved by the Bank’s board on Thursday, 18 October, the financial package comprises of a senior loan of US$10 million and an associated facility of ZAR 1.4 billion (about US$$97 million) with an 8-year tenor, including 6-month grace period. In addition, the board also cleared the proposal to undertake a syndicated loan with commercial banks through the Bank’s A/B loan structure. The asset-backed financing operation is expected to attract funding interest from international commercial banks for the benefit of South Africa’s mass transit sector.

Mass public transportation is key to South Africa’s social and economic system. The demand for commuter transit minibuses is strong, as approximately 69 percent of public transport commuters opt for this transport mode (compared to 20 percent for bus and 11 percent for train).  The country’s 16-seater minibus taxis do approximately 15 million commuter trips per day, which services nearly 40 percent of the population. SA Taxi is an important service provider to South Africa’s minibus commuter transit segment, which is commonly referred to as its “taxi” industry.

SA Taxi currently has 30,000 customers who have financed on average 1.2 minibuses. While approximately 90 percent of SA Taxi clients are unbanked and may not ordinarily qualify for the formal banking sector, under the African Development Bank-led financing arrangement, approximately 20 percent of direct beneficiaries will continue to be women and approximately 16 percent youth under 35 years old. The financing to the mass transit financial solutions provider supports the Government’s Green Transport Strategy. The Bank’s facility is expected to contribute a significant component of SA Taxi’s funding requirement over the next three years.

Since 2008, SA Taxi’s financing activities have supported the creation of an estimated 72,000 SMEs, and more than 130,000 direct and 220,000 indirect jobs in a country with an unemployment rate of nearly 27 percent, according to Statistics South Africa. The Bank’s funding will ultimately support SA Taxi’s continued investment in the taxi industry and its strategy of enabling taxi operators to replace old vehicles with new, safer and lower emission minibus taxis improving this critically important component of South Africa’s integrated public transport network.

“The evolution of SA Taxi and its operational structure is really an interesting case study. The company has grown into a remarkable enterprise that is supporting the ecosystem of taxi transportation services in South Africa,” said Pierre Guislain, African Development Bank Vice President for Private Sector, Infrastructure and Industrialization.

In addition to minibus vehicle retail and financing services, the SA Taxi group also provides specialized minibus taxi insurance, tracking, maintenance, and refurbishment services to taxi operators through Taximart and SA Taxi Protect, its wholly-owned subsidiaries.

The facility to the South African firm is consistent with the Bank’s Ten-Year Strategy (2013 – 2022) and Country Strategy Paper for South Africa 2018-2022, under its promoting industrialization pillar. Up to 90 percent of vehicles financed by SA Taxi are manufactured in South Africa, a powerful boost to industrialization.

The facility is also aligned to the Bank’s High 5 priorities, including Improving the Quality of Life for the People of Africa through improved safety and roadworthiness for commuters. It is in line with the Bank’s Private Sector Development Strategy, SME support agenda and the Green Growth Initiative.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Technical Contact: 

Fernando Balderrama

Investment Officer Infrastructure Finance

Media Contact: 

Chawki Chahed

Chief Communications Officer

C.Chahed@AfDB.org

About the African Development Bank Group:

The African Development Bank Group (AfDB) (www.AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: j.mp/AfDB_Media

SOURCE
African Development Bank Group (AfDB)

 

O&S Associates Commissions World’s First Parksmart Gold Certified Parking Structure

October 22, 2018

 

 

O&S Associates Commissions World’s First Parksmart
Gold Certified Parking Structure

 

 

Hackensack, NJ– 10/22/18 – O&S Associates, Inc. (O&S), an engineering and architecture firm, recently served as the commissioning agent for the Gold 1 Garage in Pittsburgh. This is the first Parksmart Gold project of its kind in the world to achieve the highest level of certification.

 

 

With an engineering team comprised of staff from multiple offices including New Jersey, Ohio, and Philadelphia, O&S inspected and evaluated the garage using an official scorecard point system. Grading was based on meeting specific standards for management, programs, technology & structure design, and innovation. For a new construction project to receive the Gold standard, it must achieve 160+ points out of a maximum 248 points available.

Parksmart, a voluntary, consensus-driven certification, is the only rating system advancing sustainable mobility and positive impact through smarter, best practice parking structure design and operation. Administered by Green Business Certification Inc. (GBCI), Parksmart complements LEED and other certifications. Parksmart certification recognizes parking structures designed to:

(1) reduce their environmental impact

(2) increase energy efficiency and performance

(3) manage parking spaces efficiently

(4) encourage alternative mobility options

(5) strengthen community relationships

O&S was honored to be a part of this prestigious project, helping the Stadium Authority achieve this distinguished designation for its Gold 1 Garage. “O&S has been an innovator both as a parking consultant as well as a commissioning agent for MEP projects,” said William Payne, Vice President of O&S. “We couldn’t be more excited to leverage both strengths for our important client.”

This is the second project managed by O&S in the past few years to receive special distinction. O&S was closely involved in the extensive modernization and energy upgrade of Tremco, Inc. headquarters in Beachwood, Ohio. The building received LEED Gold certification from the U.S. Green Building Council, which is difficult to achieve for an existing structure.

 

About O&S Associates, Inc.

O&S Associates, Inc. is a full-service multidisciplinary consulting engineering and architecture firm specializing in the assessment and repair design of exterior walls, roofs, mechanical systems, and parking, as well as other building consulting needs such as capital reserve studies and expert witness services. For a look at other signature projects in the O&S portfolio of services, visit www.oandsassociates.com.

For more information, contact Soo Kim at 201-399-4375 or email skim@oandsassociates.com.

 

Eberle Design Inc. Appoints John P. Dinovo as Reno A&E General Manager

October 20, 2018

Eberle Design Inc. Appoints John P. Dinovo as Reno A&E General Manager


PHOENIX, Ariz. and RENO, Nev. (October 18, 2018) — Eberle Design Inc. (EDI) and its wholly- owned subsidiary Reno A&E (RAE), leaders in vehicle detection, intersection safety monitoring and access control products, today announced the appointment of John P. Dinovo to the position of General Manager of Reno A&E, based in Reno, Nevada. Reporting directly to EDI CFO and Leadership Council Member, April Garcia, Mr. Dinovo will lead all aspects of the Reno A&E Operation, and be responsible for product manufacturing, quality and delivery.

“Reno A&E’s reputation is grounded in providing high quality and reliable solutions for traffic control and access professionals,” said EDI CFO, April Garcia. “John’s arrival further strengthens our reputation and ability to manufacture and deliver quality products to our customers.”

John Dinovo brings a wealth of leadership and mission critical electronics experience to RAE with more than 35 years in the electronics design and manufacturing sector. He has led the development, implementation and management of Kaizen, lean manufacturing and value stream efforts for complex aerospace systems and teams globally.

Prior to joining EDI and RAE, Mr. Dinovo held senior management positions with companies including Ditron Manufacturing, and Sperry Flight Systems. Most recently, he was Chief Technology Officer/Director of Operations at CYTTA Corporation, where he was responsible for the marketing, manufacturing and technology for the company’s special purpose medical device and satellite network. 

Mr. Dinovo earned a B.S. degree in Electrical Engineering from the University of Nebraska -Lincoln, and is a veteran of the U.S. Navy. He is also a certified ISO 9001 and 13485 quality auditor.

About Eberle Design Inc. and Reno A&E

Based in Phoenix, Arizona (Eberle Design Inc.) and Reno, Nevada (Reno A&E) are worldwide market-leading developers and manufacturers of electronic safety monitoring and detection products for the Traffic, Rail, Access/Parking and Fire/EMS/Emergency Response industries. These products enable transportation and access control professionals to easily integrate, automate, and manage traffic, highways and intersections efficiently and safely.

PARKWHIZ SOLVES THE LAST MILE OF MOBILITY WITH LAUNCH OF THE ARRIVE NETWORK

October 19, 2018

PARKWHIZ SOLVES THE LAST MILE OF MOBILITY WITH LAUNCH OF THE ARRIVE NETWORK

 

Company Unveils Industry-Leading Friction-Free Parking Network with Launch Partner TIBA Parking Systems

 

Chicago, October 18, 2018 — Solving key challenges in connected and autonomous mobility, ParkWhiz is establishing the Arrive Network to make it easier for drivers, fleets and their vehicles to park in lots and garages without pulling a ticket or reserving a spot in advance. A powerful last-mile solution, the Arrive Network combines new wireless technologies with ParkWhiz’s innovative parking platform and industry-leading parking inventory footprint. Any driver using an Arrive-powered app or registered vehicle will experience seamless payments and truly friction-free entry and exit at participating lots and garages.

ParkWhiz has already begun adding drive-up mobile access to hundreds of its network locations in select North American cities. Additionally, the company is deploying wireless and Bluetooth technology in select Chicago parking garages with its partner TIBA, through its ParkBlue product. The first of many partnerships, ParkWhiz plans to roll the technology out to thousands of parking locations over the next year.

“This is a huge step forward in connected mobility. Our reservation-based experience already reaches 40 million customers through our apps and partners like Ford, Ticketmaster and Groupon. The Arrive Network will allow consumers to park at will across an expansive network of locations by simply driving up and having the gate lift. It’s a game changer for consumers, operators and fleets. No more tickets, vouchers or expense reports,” said Yona Shtern, CEO and Executive Chairman of ParkWhiz. “We are excited to collaborate with industry-leaders like TIBA to make friction-free parking a reality.”

“We’re pleased to be working with ParkWhiz to bring ParkBlue, our innovative new cloud-based parking and access management solution, to the United States and Canada. TIBA’s substantial install base, together with ParkWhiz’s massive consumer reach to drivers through its distribution network and our deep collaboration on the technology side will create simple, fast and delightful parking experiences for millions of customers,” said Moshe David, CEO of TIBA.

ParkWhiz has led the industry in innovative parking solutions since 2007. It has helped millions of people save time, stress and money, offering drivers up to 50 percent off standard drive-up rates.

About ParkWhiz

ParkWhiz is the leading transactional platform that enables drivers, fleets and connected vehicles to find, book and pay for parking. The company offers the largest inventory of parking spaces for drivers to reserve before reaching their destinations, saving both time and money. Working with all major parking operators, it delivers transactional parking as a value-added service to major brands in sports and entertainment, travel, automotive and navigation, including Ford, Ticketmaster / Live Nation, Groupon, Madison Square Garden and many others. The company also operates two consumer-facing brands of its own—ParkWhiz and BestParking—available for Apple, Android and Amazon Alexa.  ParkWhiz also powers the Arrive Network which provides friction-free access to parking lots in select markets. ParkWhiz has parked millions of vehicles and is operational in over 230 cities across North America and expanding rapidly. For more information, visit ParkWhiz.com.

About TIBA Parking Systems

TIBA provides innovative solutions for the parking market, resulting in reliable, user-friendly products that lower the price of initial acquisition and the cost of ongoing operation. With extensive global experience, TIBA’s robust, scalable architecture enables parking operators to keep pace with the latest trends in centralized operations, automated smart facilities, web reservations and mobile payments. TIBA’s flexible solutions allows parking operators to be IoT-connected and leverage big data to increase their revenue.

TIBA serves parking operators and owners globally, across diverse industries such as hotels & hospitality, airports, universities, shopping centers, hospitals & medical centers, and local, state & federal governments. For more information visit www.tibaparking.com.

 The Parking Spot to build near-airport parking facility in Salt Lake City with Associated Bank loan 

October 17, 2018

 

 

The Parking Spot to build near-airport parking facility in Salt Lake City with Associated Bank loan 

 

 

 

CHICAGO – October 17, 2018 – Associated Bank announces the completion of a construction loan to an affiliate of Green Courte Partners, LLC and The Parking Spot. The company is constructing 3,144 covered and uncovered parking spaces at 2255 West North Temple Street, Salt Lake City, near the entrance to Salt Lake City International Airport (SLC). The new parking facility will offer convenient and affordable short- and long-term parking for business and leisure customers traveling from the Salt Lake City / Provo / Ogden, Utah region and is expected to be open for business around the end of the year. 

 

 

Since 1998, Chicago-based The Parking Spot has been a leading national provider of near-airport parking, with 39 properties and over 73,000 parking spaces located near 22 major U.S. airports in 15 states. The Parking Spot is owned by an affiliate of Green Courte Partners, a real estate private equity fund manager that actively invests in niche real estate asset classes, with an emphasis on near-airport parking, active adult/independent senior living and land-lease communities across the U.S. 

Senior Vice President Edward (Ted) Notz of the Commercial Real Estate division of Associated Bank managed the loan and closing. 

Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin. 

ABOUT ASSOCIATED BANC-CORP 

Associated Banc-Corp (NYSE: ASB) has total assets of $34 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from over 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com. 

International Parking Institute Changes Name to International Parking & Mobility Institute

October 17, 2018

 

International Parking Institute Changes Name to 

International Parking & Mobility Institute

 

 

New name reflects interconnectedness of parking, transportation, and mobility industries and expanded role of parking and parking professionals

 

 

 

 

(DENVER – October 17, 2018) The world’s largest association of parking professionals, formerly known as the International Parking Institute (IPI), has changed its name to the International Parking & Mobility Institute (IPMI). The change reflects the interconnected, choice-driven network that now encompasses parking, transportation, and mobility.

 

The decision was made by the Board of Directors at a meeting in Denver today.

 

As the results of IPI’s 2018 Emerging Trends in Parking survey revealed, there has been a major shift in the past decade that has blurred the distinctions between the industries. The explosive growth of ride-hailing/transportation network companies such as Uber and Lyft, car- and bike-sharing, and effective mass-transit systems, coupled with the growing consciousness of environmentally friendly choices and sustainability, have transformed the way we get around.

 

More than 90 percent of those surveyed feel that “parking and transportation or mobility professionals” is a more apt description of their jobs, which today encompass such tasks as curb management, alternative commuting methods, data collection, and much more.

 

“Our broadened name and new logo signifies changes in the industry and what is happening in the larger sphere, where mobility is emerging as a more inclusive term for the expanding role of parking professionals,” says IPMI CEO Shawn Conrad, CAE. “We feel the new name provides an umbrella that incorporates parking and mobility and thus will better serve our members by ensuring future opportunities for growth.”

 

IPMI’s monthly magazine, The Parking Professional, will be renamed Momentum beginning in January 2019. Some changes will be phased in. Although the organization’s current website and email addresses will continue to function for some time, the new internet address will be parking-mobility.org, and staff email addresses will change to the domain parking-mobility.org. Its current governance structure, staff, and contacts will remain the same.

ControlScan Extends Managed Security Services Capabilities With Dunbar Cybersecurity Acquisition

October 17, 2018

 

ControlScan Extends Managed Security Services Capabilities With Dunbar Cybersecurity Acquisition

 

 

MSSP cites growing need to proactively address cyber threats

 

 

ATLANTA, Oct. 16, 2018  — ControlScan, a leader in managed security and compliance solutions that help secure networks and protect payment card data, announces it has acquired Hunt Valley, Md.-based Dunbar Cybersecurity, including its well-established Security Operations Center (SOC) and powerful SIEM platform, Cyphon. The move brings additional advanced capabilities to the best-in-class managed security servicesControlScan delivers to the mid-level enterprise.

With this strategic acquisition, ControlScan will strengthen the threat detection and response capabilities of its established solution set, helping the businesses it serves better manage an unprecedented number of incoming cyber threats. The company’s decision to expand its capabilities comes from recent research, including the 2017 Threat Monitoring, Detection and Response Report, which found that a majority of organizations do not have the internal manpower and/or expertise to effectively detect and respond to cybersecurity threats.

“Having a strong cybersecurity defense is business critical, but as attackers become increasingly advanced, it’s no longer realistic to assume that defense is 100 percent impenetrable,” Mark Carl, CEO, ControlScan said. “ControlScan has a solid track record of helping businesses defend, and we are now enhancing our means to actively detect and quickly respond to intrusions in real time, as they are happening.”

“Our goal is to provide an effective, mature cybersecurity and threat detection program for the businesses we serve,” said ControlScan COO Schane Simpson, who oversees operations of the company’s Managed Security Services division. “The Dunbar Cybersecurity acquisition bolsters our team of expert security analysts and allows us to leverage the Cyphon platform to proactively identify and mitigate suspicious network activity on our customers’ behalf.”

Tom Callahan, Director of Operations for Dunbar Cybersecurity, will continue with ControlScan as Director of MDR Services. “Dunbar Cybersecurity’s growth has supported ongoing innovation in the way we monitor, detect and respond to our customers’ cybersecurity threats,” Callahan said. “Becoming a primary component of the ControlScan Managed Security Services solution further advances the strong ROI we provide.”

The bulk of Dunbar Cybersecurity’s security analysts will be retained by ControlScan post acquisition. Dunbar Cybersecurity customers can expect a seamless transition to ControlScan Managed Security Services where they, along with current ControlScan customers, will be presented with additional managed security and compliance-related services.

Financial details of the transaction were not disclosed. For more information on ControlScan Managed Security Services, including its new MDR capabilities, please visitControlScan.com/MSS.

About ControlScan
ControlScan managed security and compliance solutions help secure networks and protect payment card data. Our elite cybersecurity professionals leverage best-in-class security technologies to support thousands of businesses with a single goal: To stop cyber criminals in their tracks. As both a Qualified Security Assessor (QSA) and an Approved Scanning Vendor (ASV), we also deliver a full suite of Payment Card Industry (PCI) services, including strategic PCI compliance programs that help processors, acquirers, ISOs and payment facilitators manage cyber risk and strengthen merchant relationships. For more information about our company and its solutions, please visit ControlScan.com.

About Dunbar Cybersecurity
Dunbar Cybersecurity delivers solutions that allow our customers to maintain their business operations while protecting sensitive information and achieving compliance. We assess and monitor all things digital about your business, so your team can work without the worry of cyber threats. Learn more at https://www.dunbarsecuritysolutions.com/cybersecurity/.

Fulham Releases Bluetooth Bridge to Retrofit Any 0-10v LED Luminaire for Bluetooth Mesh Wireless Control

October 17, 2018

Fulham Releases Bluetooth Bridge to Retrofit Any 0-10v LED Luminaire for Bluetooth Mesh Wireless Control

 

 

 

Bluetooth Bridge First in New Line of BLE-enabled Products that Interoperate with Any Bluetooth Device or Infrastructure

 

 

HAWTHORNE, Calif. – October 16, 2018 – Fulham Co., Inc., a leading supplier of lighting components and electronics for commercial and specialty applications, today announced availability of a new Bluetooth Bridge 0-10V LED controller, the first in a series of Bluetooth Low Energy (BLE) components designed to connect luminaires into a Bluetooth mesh ecosystem. The new Bluetooth Bridge can be installed in any electrical box or LED fixture to provide wireless 0-10 dimming control and monitoring.

 

The Bluetooth mesh standard was approved in July 2017 by the Bluetooth Special Interest Group (SIG) and offers a number of advantages for wireless lighting controls. The mesh architecture is inherently reliable with built-in failover so there is no single point of failure and luminaires fitted with the Bluetooth Bridge can be added or removed without disruption. Bluetooth mesh also is secure and highly scalable so it can connect thousands of nodes, and it provides a full stack communications protocol platform so it can support the Internet of Things (IoT) devices as part of the network.

There are 32,000 corporate members of the Bluetooth SIG, and any compatible device that has been qualified by the SIG can connect to any other Bluetooth device over Bluetooth mesh. For example, luminaires equipped with Fulham’s new Bluetooth Bridge can be controlled wirelessly by other Bluetooth devices, such as the EnOcean Bluetooth energy harvesting wall switch (also available from Fulham).

 

“Bluetooth mesh shows great promise for the lighting industry, making it an ideal solution to add wireless lighting controls as part of new installations or LED retrofits,” said Alvaro Garcia, Senior Director, Product Management, for Fulham. “With our new Bluetooth Bridge, installers can convert any 0-10v dimmable LED luminaire into a Bluetooth mesh node. Since Bluetooth is a recognized standard, we anticipate a number of manufacturers will develop their own BLE lighting solutions, and our new Bridge products make it possible to add any LED luminaires to the mix.”

 

The Bluetooth Bridge is being offered in two configurations. Fulham’s Model CTBRCB02JM02 Bluetooth Bridge provides wireless on/off and 0-10V dimming controls for a transmission range up to 50 meters/160 feet at 2.4GHz. The Bluetooth Bridge has 120 to 277VAC input, as well as a sensor input for motion controls and daylight harvesting. Fulham’s Model CTBRCB03JM03-PC offers additional functionality, including power metering and color tuning. Both units are designed for indoor or outdoor use at operating temperatures from -40 degrees to 140 degrees (Fahrenheit). They both come with Fulham’s five-year warranty.

 

Since Bluetooth mesh supports two-way communications, the Bridge can be commissioned, controlled, and monitored using an app on any Bluetooth-enabled device, such as a tablet or smartphone. Fulham is offering a lighting commissioning app to support its BLE products. Currently available for iPhones, iPads, and other iOS-compatible devices, the app can be used to remotely program and monitor Bluetooth mesh-connected luminaires. Fulham is making the app available at no cost, although fees will be charged based on the number of luminaires being commissioned.

For more information, visit www.fulham.com.

 

About Fulham

Fulham Co., Inc. is a leading global provider of intelligent, socially-conscious sustainable commercial lighting components and electronics for use in commercial general lighting, parking structure, signage, horticultural, UV and other applications. The company develops and manufactures a variety of award-winning LED and emergency products, lighting controls, as well as legacy products across multiple lighting platforms. Fulham sells its lighting solutions worldwide through original equipment manufacturers (OEMs) and electrical equipment distribution channels. Headquartered in Hawthorne, Calif., the company has sales and/or manufacturing facilities in the Europe, China, India, and the UAE. For more information, visit www.fulham.com, @FulhamUSA or @FulhamEurope.

 

SP Plus Corporation Agrees to Acquire Bags

October 17, 2018

SP Plus Corporation Agrees to Acquire Bags

—$275 Million Purchase Price for Leading Provider of Baggage Services to Airline, Airport, Hospitality and other Industries—

—Conference Call Scheduled for Wednesday, October 17, 2018 at 8:00 am CT—

CHICAGO, Oct. 17, 2018  — SP Plus Corporation (NASDAQ: SP) (“SP+”, “SP Plus” or “the Company”), a leading national provider of parking, ground transportation, and related services to commercial, institutional and municipal clients throughout North America, today announced that it has entered into a definitive purchase agreement to acquire Baggage Airline Guest Services, Inc. and Home Serv Delivery, LLC, their subsidiaries and affiliates (collectively, “Bags”), for an all cash purchase price of $275 million. Bags is a leading provider of baggage delivery, remote airline check in, and other related services, primarily to airline, airport and hospitality clients.

Bags combines exceptional customer service with innovative technologies to provide remote baggage handling and related services. Based in Orlando, FL, Bags operates in over 250 cities with approximately 3,000 full time employees. Its clients include major airlines, airports, and leading hotels and resorts. Bags handles more than 5 million checked bags annually. Bags generated approximately $145 million in revenues in 2017.

G Marc Baumann, SP Plus’s President and Chief Executive Officer, stated, “We are very excited to enter into this purchase agreement to acquire Bags, a growing and profitable company that provides high-quality services with innovative technologies in service lines that complement our business. This acquisition will diversify the Company’s service offerings and client base while providing distinct cross-selling and growth opportunities.”

Mr. Baumann added, “The acquisition of Bags is a compelling opportunity to drive shareholder value through growth in the two companies’ complementary lines of business. We look forward to offering Bags’ services to our existing client base at airports, hospitality, and other venues, and at the same time believe many of our SP+ services will likewise appeal to Bags’ clients.  We’re confident the combined performance of these two strong companies will position us well to drive top line growth and generate strong shareholder returns.”

Craig Mateer, Chief Executive Officer of Bags, stated, “We believe this transaction presents the ideal opportunity for the continued growth of our company. The SP+ team understands our business, and has the experience and resources to help make Bags more valuable to our clients. We look forward to continuing to deliver outstanding service and innovative, technology-driven solutions to our clients.”

The Company plans to finance the transaction with an expanded senior credit facility, which the Company is in the process of finalizing.

The transaction, which remains subject to consummation of financing, antitrust clearance and other closing conditions, is expected to close by the end of November 2018 and, excluding transaction costs, is not expected to materially impact SP+’s fiscal 2018 results. We expect the acquisition will be accretive to cash flow in the first year post closing.

Until the closing of the transaction, SP Plus and Bags will continue to operate as independent companies, and will remain committed to providing superior service to create value for their clients and customers.

Investor Conference Call

SP+ will host a conference call and webcast for analysts and investors today at 8:00 a.m. Central Time to discuss the transaction. To listen to the live call and review supporting slides, please log on to the Company’s Investor Relations page at http://ir.spplus.com, or dial the appropriate number below. For those who cannot listen to the live broadcast, a replay will be available shortly after the call on the SP+ website and can be accessed for 30 days after the call.

US/CANADA Participant Toll-Free Dial-In Number: (877) 835-5861
US/CANADA Participant International Dial-In Number: (973) 638-3335
Conference ID: 1288045

Morgan Stanley & Co. LLC acted as exclusive financial advisor and Katten Muchin Rosenman LLP acted as legal advisor to SP+. GrayRobinson, P.A. acted as legal advisor to Bags.

Media Contact:

ICR/Phil Denning
(646) 277 – 1258
Phil.Denning@icrinc.com

Investor Contact:

ICR/Rachel Schacter
(646) 277-1243
rachel.schacter@icrinc.com

About SP+

SP+ provides professional parking management, ground transportation, facility maintenance, security, and event logistics services to property owners and managers in all markets of the real estate industry. The Company has more than 20,000 employees and operates approximately 3,500 facilities with 2.0 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving approximately 70 airports. SP+ is one of the leading valet operators in the nation with more four and five diamond luxury properties, including hotels and resorts, than any other valet competitor. The Company’s ground transportation division transports approximately 37 million passengers each year; its facility maintenance division operates in dozens of U.S. cities; and it provides a wide range of event logistics services. For more information, visit www.spplus.com.

You should not construe the information on that website to be a part of this release. SP Plus Corporation’s annual reports filed on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the SP+ website.

About Bags

For more than 25 years, Bags has been on a mission to Make Travel Easier. From convenient luggage delivery and remote airline check-in to innovative guest services for the travel and hospitality industries, Bags combines unique offerings with unparalleled customer service to make travel less of a hassle for individuals and companies alike. With operations in more than 250 cities in the U.S. and Canada, Bags handles over five million checked bags and greets millions of guests each year. Bags proudly provides services for all major airlines, cruise lines, sea ports, renowned resorts & hotel chains, convention centers and airports across the country. See how Bags simplifies travel at www.bagsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expected tax and other anticipated benefits of the proposed acquisition by SP Plus of Bags, the expected timing of completion of the acquisition and other expectations, beliefs, plans, intentions and strategies of SP Plus. SP Plus has tried to identify these statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project” and “will” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management’s expectations and beliefs concerning future events and are subject to uncertainties and factors relating to operations and the business environment, all of which are difficult to predict and many of which are beyond management’s control. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors. The risks relating to the proposed acquisition include the risk that the proposed acquisition is not completed on a timely basis or at all; the risk that the tax and other benefits that SP Plus anticipates as a result of the transaction are not fully realized or take longer to realize than expected; the risk that certain risks and liabilities associated with Bags have not been discovered; the risk that antitrust clearance or any necessary third-party consents may not be obtained, that the financing may not be consummated or that other conditions to the closing of the acquisition may not be satisfied; the effects of litigation that may be filed in connection with the transaction; the effect of the acquisition on SP Plus’ and Bags’ relationships with their respective clients, customers, vendors and personnel; and adverse effects on the market price of SP Plus’ common stock and on SP Plus’ operating results because of a failure to complete the transaction. The risks relating to the businesses of SP Plus and Bags generally include intense competition; changing consumer preferences that may lead to a decline in demand for the services provided by SP Plus and Bags; the ability to preserve long-term client relationships; the loss, or renewal on less favorable terms, of management contracts, leases or other contracts with clients or customers; and deterioration of general economic and business conditions or changes in demographic trends.  For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

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