By Lisa Kerner
Charlotte, N.C., Feb. 21 - KCPC Holdings, Inc. entered into an agreement and plan of merger to acquire Central Parking Corp. for $22.53 per share in cash.
Private equity firms Kohlberg & Co., LLC, Lubert-Adler, LP and Chrysalis Capital Partners, LP formed KCPC Holdings, according to a company news release.
Central Parking's board of directors has approved the merger agreement and will recommend that its shareholders do the same. Executive chairman and founder Monroe J. Carrell, his family and related entities, who are collectively the largest shareholder of Central Parking, have agreed to vote in favor of the merger.
KCPC Holdings has received equity and debt financing commitments totaling $903 million to fund the transaction, which is expected to close in the second quarter of 2007.
"This agreement represents a strong endorsement of our strategic plan and the significant progress we have made in executing the plan," Central Parking president and chief executive officer Emanuel J. Eads said in the release.
"With the full backing of private equity partners who recognize our growth potential and share our vision for the future, we will be in an even stronger position to deliver outstanding service to our management clients, landlords and parking customers."
Central Parking is a Nashville-based provider of parking and transportation-related services.
| Acquirer: | KCPC Holdings, Inc.
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| Target: | Central Parking Corp.
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| Transaction value: | $903 million
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| Payment per share: | $22.53
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| Announcement date: | Feb. 21
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| Expected closing: | Second quarter of 2007
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| Stock price for target: | NYSE: CPC; $21.22 on Feb. 20
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