VANCOUVER, July 26, 2011 /PRNewswire/ – Imperial Parking Corporation (“Impark”)
announced today the Ontario Teachers’ Pension Plan (Teachers’) has
entered into an agreement for the acquisition of Babcock & Brown Gates
Parking Investments LLC (BBGPI), which includes Imperial Parking
Corporation. Terms of the transaction are not being disclosed.

BBGPI, a joint venture between Gates Group Capital Partners, a
Cleveland-based private equity firm, and London-based Global Partners
Fund, acquired Impark in 2006. The current transaction, which is
expected to close in 2011 and is subject to regulatory approval, was
led by Teachers’ Long-Term Equities group, which is focused on direct
investments that have steady cash flow and growth potential over a
long-term horizon and a low to moderate level of risk.

“We are extremely optimistic about the benefits of Teachers’
investment,” said Allan Copping, CEO of Impark. “The new partnership
with Teachers’ will allow Impark to further invest in the technology,
processes and people that enable us to deliver innovative parking
solutions to our clients and customers. As Impark enters its 50th
year, the company is well positioned to develop its core strengths and
continue its sustainable growth.”

“Impark has established a very strong position within the parking and
real estate sectors. As a market leader, it is an excellent fit with
our investment criteria of providing reliable income streams,
consistent performance and growth opportunities. We look forward to
partnering with the Impark management team to continue building the
company in Canada and achieving new expansion in key U.S. markets,”
said Lee Sienna, Vice-President, Long-Term Equities.

Blackstone Advisory Partners acted as exclusive financial advisor to
Impark on this transaction.

Headquartered in Vancouver, British Columbia, Canada, Impark is one of
the largest parking management companies in North America and currently
leases or manages in excess of 2,000 parking locations, consisting of
more than 400,000 parking spaces, in over 25 markets throughout Canada
and the United States.

SOURCE Impark