CapitalWorks Private Equity Firm Cleveland Ohio

Gates Putting a lot of Focus on Parking

Agreeing to buy Canada’s largest parking company is only the beginning for Gates Group, a May- field Heights-based private equity firm that plans to play consolidator in the fragmented North American parking business.

Buying and taking private Imperial Parking Co., which has about 325,000 parking spaces under management, will cost Gates and its partners about $60 million, if the $26-per-share transaction Imperial announced Jan. 23 wins shareholder and regulatory
approvals.

Gates will draw for its share of the purchase on one of two funds it has assembled that give it the capacity for a total of $500 million in parking-related deals. Its partners in the Imperial deal are Prudential Capital Group of Newark and CapitalWorks LLC, a Cleveland merchant banking firm.

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