11 Aug 2021 News
Smart Parking (ASX:SPZ) is delighted to announce that as of 6 August 2021 we have completed the acquisition of another UK parking management company, Enterprise Parking Solutions (EPS).
Founded in 2017, Enterprise Parking Solutions is a profitable, cash-flow positive company that currently manages 68 parking sites across the UK in much the same way as Smart Parking does – using Automatic Number Plate Recognition (ANPR) camera technology and providing car park enforcement services on private land.
Smart Parking has been focused on a goal of 1,000 sites under management by June 2023, which made the acquisition of EPS a compelling and obvious strategic fit. As well as the 68 EPS car park sites, our portfolio in the UK is rapidly growing thanks to our parallel growth strategy of an increased sales force driving car park site numbers forward in the UK.
As well, we have recently launched our successful managed services model in our other key markets of NZ and Australia, and we are actively winning new contracts and installing sites every month. Because of our diverse and expanding global portfolio, Smart Parking has a strong and sustainable springboard leading into the ongoing post-pandemic global recovery.
The acquisition follows several weeks of negotiation and due diligence, there are no conditions to settlement and SPZ shall pay $1.54m to acquire 100% of EPS. Further details around the acquisition of Enterprise Parking Solutions can be found on the ASX
“We are excited to welcome the Enterprise Parking business and customers to the Smart Parking Group. Enterprise Parking has built a well-respected and profitable company over the last 4 years. The portfolio of sites under management includes great customers that we are looking forward to working with. This is a simple and clean transaction, and Enterprise Parking is a compelling strategic fit that is financially accretive for our shareholders. It allows the Company to build scale and accelerate towards our growth target of 1,000 UK sites by June 2023”.
Smart Parking Limited Group CEO