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Central Parking Acquires USA Parking

FORT LAUDERDALE, FL-Price and terms were not disclosed but the Nashville, TN-based company expects to close on the deal in 30 days. Industry sources speculate the price could be based on a negotiated percentage of the $70 million a year in estimated gross revenue that USA Parking produces each year.

By David R. Corder | Updated on August 09, 2001

FORT LAUDERDALE, FL-Central Parking Corp. has reached an agreement to acquire locally based USA Parking Systems Inc. Neither officials at the publicly traded Nashville, TN-based company nor the Fort Lauderdale-based privately owned company disclosed terms of the deal.

Industry experts speculate that Central Parking is offering William H. Bodenhamer Jr., USA Parking’s founding president, a combination of its publicly traded stock, cash and executive incentives. The price could be based on a negotiated percentage of the $70 million a year in estimated gross revenue that USA Parking produces each year.

The Fort Lauderdale company currently leases or owns 62 sites with 46,000 parking spaces in partnership mostly with hospitality-related companies in the counties of Broward, Miami-Dade and Palm Beach, in addition to the territorial commonwealth of Puerto Rico.

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