Smart Parking Limited (ASX: $SPZ) Acquisition Announcement

Smart Parking Limited (ASX: $SPZ) has announced the acquisition of parking management contracts and assets from Local Parking Security Limited, a profitable UK parking site management business. The acquisition adds 126 new parking management sites, including 72 sites managed with Automatic Number Plate Recognition (ANPR) Technology and 54 manually operated sites. The transaction purchase price of $5.8m was funded from existing cash reserves. The acquired parking management operation had revenues of $4.1m and EBITDA of $1.4m in 2023.

Executive Commentary on Acquisition

SPZ CEO, Paul Gillespie, expressed, 'We are delighted to welcome the Local Parking Security team and customers to the Smart Parking Group. Local Parking Security has built a well-respected parking management business over many years, resulting in an attractive and diverse portfolio of sites under management. We are looking forward to working with the team and clients to deliver a great customer experience and continue the SPZ growth journey.'

Summary of Smart Parking Limited's Acquisition

Smart Parking Limited (ASX: $SPZ) has strategically acquired parking management contracts and assets from Local Parking Security Limited, expanding its presence in the UK parking management market. The acquisition adds 126 new parking management sites, enhancing the company's portfolio. With 72 ANPR Technology managed locations and 54 manually operated sites, this acquisition aligns with SPZ's goal to deploy its proprietary technology and digital initiatives, aiming to improve customer experience for motorists and landowners. The transaction, funded from existing cash reserves, reflects the company's commitment to strategic expansion. CEO Paul Gillespie's positive outlook on the acquisition emphasizes the company's dedication to delivering exceptional customer experience and fostering continued growth.