Private equity firms complete acquisition of Central Parking following shareholder approval

By Lisa Kerner

Charlotte, N.C., May 22 - Central Parking Corp. shareholders voted to approve the proposed merger agreement with KCPC Holdings, Inc. at a special meeting on Monday. Approximately 28.4 million shares, or 88% of the total outstanding shares, were voted in favor of the deal, which gives Central Parking stockholders the right to receive $22.53 per share in cash without interest.

Central Parking's stock will no longer be listed for trading on the New York Stock Exchange and trading will be suspended prior to market open on Wednesday, according to a company news release.

KCPC Holdings entered into an agreement and plan of merger to acquire Central Parking on Feb. 21.

Private equity firms Kohlberg & Co., LLC, Lubert-Adler, LP and Chrysalis Capital Partners, LP formed KCPC Holdings.

Central Parking is a Nashville-based provider of parking and transportation-related services.

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