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Aug 5, 2014
A&B Advises on Sale of National Park’N Fly Car Park Business in Canada
The current owners of Canada’s largest off-airport and only national car park company, Park’N Fly, recently completed the sale of their parking business assets, including all real estate used in connection with the business located in Montreal, Ottawa, Toronto, Edmonton and Vancouver, along with goodwill and other operating assets, to a joint venture led by Cheung Kong Infrastructure Holdings Limited and Cheung Kong (Holdings) Limited, both companies whose shares are traded on the stock exchange of Hong Kong, each owning a 50% interest.
Park’N Fly provides off-airport car park solutions in Toronto, Montreal, Edmonton, Ottawa and Vancouver. It operates its off-airport car park business in Vancouver through a joint venture and licenses its brand name to the Halifax International Airport Authority (“HIAA”) for use in HIAA’s off-airport car park.
After winning an auction process conducted by the sellers’ financial advisors with assistance by the Ontario counsel to the seller, the purchasers’ joint venture acquired the national business assets and operations as well as the license agreement with HIAA. The acquisition included two separate transactions, one for the assets and business located in Canada (other than Vancouver), which was owned entirely by entities controlled by one family and one for the assets and business located in Vancouver, which was owned by the same family together with another seller equally.
The family owning the vast majority of the business being sold was primarily represented by Aird & Berlis LLP with a team led by Martin Kovnats and including Jeffrey Merk, Matthew Liberatore, Andrew Magnus and Mathew Goldstein (Corporate and M&A), Hayden Solomons, Sandra Dos Santos and Aaron Silver (Real Estate), Jack Bernstein and Francesco Gucciardo (Tax) and Barbra Miller (Employment and Benefits).