Smart Parking Acquires Peak Parking and Expands into the US Market

Smart Parking has acquired 100% of the issued capital in Peak Parking (Peak Parking)

Acquisition overview:

• Compelling strategic fit; building global scale
• The acquisition adds 134 new customer sites to the managed portfolio 
• Peak Parking currently focuses on parking garage management, valet parking, special events parking, enforcement services and consulting services
• Transaction purchase price of USD $36m funded from existing cash reserves, debt, SPZ shares and an equity raising of AUD$45m

Smart Parking Limited (ASX:SPZ) is pleased to announce the acquisition of Peak Parking, a Texas-based company founded in 2016. Peak manages 134 sites across multiple states in the US. The business currently offers a mix of parking garage management, valet parking, special events parking, enforcement services and consulting services.

With this acquisition, Peak Parking will benefit from Smart Parking’s market-leading proprietary technology and deep domain expertise.  This action solidifies Smart Parking's position as a key player in the worldwide parking industry.

SPZ CEO Paul Gillespie commented;

“We are delighted to announce the acquisition of Texas-based Peak Parking, a strategic acquisition that broadens our global operations into the US, the largest parking operations market in the world.

Peak Parking has built a well-respected parking management business since its beginning in 2016, which has resulted in an attractive and diverse portfolio of sites across the US. We are looking forward to welcoming the Peak team to Smart Parking and sharing our expertise and technology to accelerate long term growth in this exciting market”.

Will Spielhagen founder of Peak Parking said;

“I am confident that our transaction with Smart Parking will unlock unparalleled opportunities for our clients, setting a new benchmark among parking operators in the U.S. market. We are excited by the prospect of delivering the highest calibre of service in the industry.”

For more information on Smart Parking and their car park management services, please visit https://www.smartparking.com/

About Smart Parking Limited 

Smart Parking Limited (ASX:SPZ) | A Global Parking Business

Smart Parking Limited is a pioneering technology innovator and services company in the parking industry. With offices in Australia, New Zealand, Germany, Denmark and the UK our aim is to bring our intelligent integrated smart parking services to the world and reinvent the parking experience.

The Company operates and manages thousands of car park spaces across the globe using our proprietary Smart Cloud technology linked with Automatic Number Plate Recognition/License Plate Recognition (ANPR/LPR) systems. This can be used as a single solution or with the option to be combined with payment solutions.

Smart Parking Limited has been an Australian Securities Exchange (ASX:SP) publicly listed company since early 2011.