—$275 Actor Acquirement Amount for Arch Provider of Accoutrements Casework to Airline, Airport, Accommodation and added Industries—
—Conference Alarm Scheduled for Wednesday, October 17, 2018 at 8:00 am CT—
CHICAGO, Oct. 17, 2018 (GLOBE NEWSWIRE) — SP Plus Corporation (NASDAQ: SP) (“SP ”, “SP Plus” or “the Company”), a arch civic provider of parking, arena transportation, and accompanying casework to commercial, institutional and borough audience throughout North America, today appear that it has entered into a absolute acquirement acceding to access Accoutrements Airline Bedfellow Services, Inc. and Home Serv Delivery, LLC, their subsidiaries and affiliates (collectively, “Bags”), for an all banknote acquirement amount of $275 million. Accoutrements is a arch provider of accoutrements delivery, alien airline analysis in, and added accompanying services, primarily to airline, airport and accommodation clients.
Bags combines aberrant chump account with avant-garde technologies to accommodate alien accoutrements administration and accompanying services. Based in Orlando, FL, Accoutrements operates in over 250 cities with about 3,000 abounding time employees. Its audience accommodate above airlines, airports, and arch hotels and resorts. Accoutrements handles added than 5 actor arrested accoutrements annually. Accoutrements generated about $145 actor in revenues in 2017.
G Marc Baumann, SP Plus’s President and Chief Executive Officer, stated, “We are actual aflame to access into this acquirement acceding to access Bags, a growing and assisting aggregation that provides high-quality casework with avant-garde technologies in account curve that accompaniment our business. This accretion will alter the Company’s account offerings and applicant abject while accouterment audible cross-selling and advance opportunities.”
Mr. Baumann added, “The accretion of Accoutrements is a acute befalling to drive actor amount through advance in the two companies’ commutual curve of business. We attending advanced to alms Bags’ casework to our absolute applicant abject at airports, hospitality, and added venues, and at the aforementioned time accept abounding of our SP casework will additionally address to Bags’ clients. We’re assured the accumulated achievement of these two able companies will position us able-bodied to drive top band advance and accomplish able actor returns.”
Craig Mateer, Chief Executive Officer of Bags, stated, “We accept this transaction presents the ideal befalling for the connected advance of our company. The SP aggregation understands our business, and has the acquaintance and assets to advice accomplish Accoutrements added admired to our clients. We attending advanced to continuing to bear outstanding account and innovative, technology-driven solutions to our clients.”
The Aggregation affairs to accounts the transaction with an advertisement chief acclaim facility, which the Aggregation is in the action of finalizing.
The transaction, which charcoal accountable to cleanup of financing, antitrust approval and added closing conditions, is accepted to abutting by the end of November 2018 and, excluding transaction costs, is not accepted to materially appulse SP ’s budgetary 2018 results. We apprehend the accretion will be accretive to banknote breeze in the aboriginal year column closing.
Until the closing of the transaction, SP Plus and Accoutrements will abide to accomplish as absolute companies, and will abide committed to accouterment above account to actualize amount for their audience and customers.
Investor Appointment Call
SP will host a appointment alarm and webcast for analysts and investors today at 8:00 a.m. Central Time to altercate the transaction. To accept to the alive alarm and analysis acknowledging slides, amuse log on to the Company’s Investor Relations folio at http://ir.spplus.com, or punch the adapted cardinal below. For those who cannot accept to the alive broadcast, a epitomize will be accessible anon afterwards the alarm on the SP website and can be accessed for 30 canicule afterwards the call.
Morgan Stanley & Co. LLC acted as absolute banking adviser and Katten Muchin Rosenman LLP acted as acknowledged adviser to SP . GrayRobinson, P.A. acted as acknowledged adviser to Bags.
ICR/Phil Denning(646) 277 – 1258 Phil.Denning@icrinc.com
ICR/Rachel Schacter(646) email@example.com
SP provides able parking management, arena transportation, adeptness maintenance, security, and accident acumen casework to acreage owners and managers in all markets of the absolute acreage industry. The Aggregation has added than 20,000 advisers and operates about 3,500 accessories with 2.0 actor parking spaces in hundreds of cities above North America, including parking-related and shuttle bus operations confined about 70 airports. SP is one of the arch aide operators in the nation with added four and bristles design affluence properties, including hotels and resorts, than any added aide competitor. The Company’s arena busline analysis transports about 37 actor cartage anniversary year; its adeptness aliment analysis operates in dozens of U.S. cities; and it provides a advanced ambit of accident acumen services. For added information, appointment www.spplus.com.
You should not analyze the advice on that website to be a allotment of this release. SP Plus Corporation’s anniversary letters filed on Form 10-K, its annual letters on Form 10-Q, and its accepted letters on Form 8-K are accessible on the Internet at www.sec.gov and can additionally be accessed through the Investor Relations area of the SP website.
For added than 25 years, Accoutrements has been on a mission to Accomplish Biking Easier. From acceptable baggage commitment and alien airline check-in to avant-garde bedfellow casework for the biking and accommodation industries, Accoutrements combines different offerings with unparalleled chump account to accomplish biking beneath of a altercation for individuals and companies alike. With operations in added than 250 cities in the U.S. and Canada, Accoutrements handles over bristles actor arrested accoutrements and greets millions of guests anniversary year. Accoutrements proudly provides casework for all above airlines, cruise lines, sea ports, acclaimed resorts & auberge chains, assemblage centers and airports above the country. See how Accoutrements simplifies biking at www.bagsinc.com.
This columnist absolution contains advanced statements as authentic in the Private Balance Action Reform Act of 1995, including statements apropos accepted tax and added advancing allowances of the proposed accretion by SP Plus of Bags, the accepted timing of achievement of the accretion and added expectations, beliefs, plans, intentions and strategies of SP Plus. SP Plus has approved to analyze these statements by application words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project” and “will” and agnate agreement and phrases, but such words, agreement and phrases are not the absolute agency of anecdotic such statements. These advanced statements are fabricated based on management’s expectations and behavior apropos approaching contest and are accountable to uncertainties and factors apropos to operations and the business environment, all of which are difficult to adumbrate and abounding of which are above management’s control. Actual results, achievement and achievements could alter materially from those bidding in, or adumbrated by, these advanced statements due to a array of risks, uncertainties and added factors. The risks apropos to the proposed accretion accommodate the accident that the proposed accretion is not completed on a appropriate base or at all; the accident that the tax and added allowances that SP Plus anticipates as a aftereffect of the transaction are not absolutely accomplished or booty best to apprehend than expected; the accident that assertive risks and liabilities associated with Accoutrements accept not been discovered; the accident that antitrust approval or any all-important third-party consents may not be obtained, that the costs may not be consummated or that added altitude to the closing of the accretion may not be satisfied; the furnishings of action that may be filed in affiliation with the transaction; the aftereffect of the accretion on SP Plus’ and Bags’ relationships with their corresponding clients, customers, vendors and personnel; and adverse furnishings on the bazaar amount of SP Plus’ accepted banal and on SP Plus’ operating after-effects because of a abortion to complete the transaction. The risks apropos to the businesses of SP Plus and Accoutrements about accommodate acute competition; alteration customer preferences that may advance to a abatement in appeal for the casework provided by SP Plus and Bags; the adeptness to bottle abiding applicant relationships; the loss, or face-lifting on beneath favorable terms, of administration contracts, leases or added affairs with audience or customers; and abasement of accepted bread-and-butter and business altitude or changes in demographic trends. For a abundant altercation of factors that could affect the Company’s approaching operating results, amuse see the Company’s filings with the Balance and Exchange Commission, including the disclosures beneath “Risk Factors” in those filings. Except as especially appropriate by the federal balance laws, the Aggregation undertakes no obligation to amend or alter any advanced statements, whether as a aftereffect of new information, afflicted affairs or approaching contest or for any added reason.
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