{{Short description|American parking company}} {{Infobox company | name = SP Plus Corporation | former_name = Standard Parking Corporation | logo = SP Plus Corporation.png | type = Private | traded_as = | foundation = 1929 (Standard), 1947 (APCOA) | founder = | fate = Acquired by Metropolis Technologies | location = Aon Center<br>Chicago, Illinois, United States | industry = Parking | products = | key_people = | num_employees = 26,000 | parent = Metropolis Technologies, Inc. | assets = | homepage = }} '''SP Plus Corporation''' is an American provider of parking facility management services. It is a provider of parking, baggage handling, ground transportation, facility maintenance, event logistics, and security services across the United States and Canada.<ref>{{Cite press release|url=http://www.globenewswire.com/news-release/2019/07/24/1887600/0/en/SP-Awarded-Comprehensive-Parking-Management-and-Transportation-Master-Services-Agreement-with-Premier.html|title=SP+ Awarded Comprehensive Parking Management and Transportation Master Services Agreement with Premier|last=Corporation|first=SP Plus|date=2019-07-24|website=GlobeNewswire News Room|access-date=2019-08-16}}</ref> Until December 2013, it was known as Standard Parking Corporation.
The company employs more than 26,000 people to manage 4,200 parking facility locations, as well as parking and shuttle bus operations at 75 airports.<ref name="Standard Parking 2009 Annual Report">[http://ir.standardparking.com/releasedetail.cfm?ReleaseID=710702 Standard Parking Corporation Completes Merger With Central Parking Corporation]</ref> It is wholly owned by Metropolis Technologies, Inc.<ref name=":0" />
==History== Standard Parking began in 1929 in Chicago, Illinois, where it was operated by David and Benjamin Warshauer as a family owned and controlled business. The business operated under the corporate name of Standard Parking Corporation from 1981 until 1995, at which time it was reconstituted as a limited partnership named Standard Parking, L.P. March 1998, Standard Parking merged with APCOA, Inc., forming APCOA/Standard Parking, Inc.<ref>{{Cite news |date=1998-01-28 |title=COMPANY NEWS; APCOA AND STANDARD PARKING PLAN MERGER |url=https://www.nytimes.com/1998/01/28/business/company-news-apcoa-and-standard-parking-plan-merger.html |access-date=2024-08-12 |work=The New York Times |issn=0362-4331}}</ref>
In April 2003, APCOA/Standard Parking, Inc. changed its corporate name to Standard Parking Corporation.<ref name="Standard Parking 2009 Annual Report">[http://ir.standardparking.com/releasedetail.cfm?ReleaseID=710702 Standard Parking Corporation Completes Merger With Central Parking Corporation]</ref> In June 2004, Standard Parking completed its initial public offering, listing on the Nasdaq under the symbol STAN, and raising $54 million in gross proceeds from the offering.
In July 2009, Standard Parking acquired the assets of Gameday Management Group, which plans the operation of transportation and parking systems, primarily for major stadium and sporting events and whose Click and Park service offers traffic demand management and pre-paid parking services.<ref name="Standard Parking 2009 Annual Report"/> In October 2012, Standard Parking completed the acquisition of Central Parking,<ref>[https://blogs.wsj.com/deals/2012/02/29/standard-parking-buys-central-parking-for-135m-in-cash-stock/ Standard Parking Buys Central Parking for $135M in Cash, Stock]</ref> effectively doubling the size of the company.<ref>[http://www.marketwatch.com/story/standard-parking-plans-merger-with-central-parking-2012-02-29 Standard Parking merger with Central Parking]</ref>
In December 2013, the company rebranded to SP Plus Corporation<ref>[http://ir.standardparking.com/releasedetail.cfm?ReleaseID=810542 Standard Parking Corporation Unveils New Brand Identity]</ref> and changed its NASDAQ ticker symbol to '''SP'''.
In October 2023, Metropolis Technologies, an artificial intelligence company founded by Alex Israel that uses computer vision to enable checkout-free payment, agreed to acquire SP Plus Corporation for $1.5 billion.<ref name=":0">{{Cite news |last= |first= |last2= |first2= |date=2023-10-05 |title=Parking platform Metropolis agrees to buy SP Plus for $1.5 billion |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/logistics-technology-firm-sp-plus-go-private-about-15-bln-deal-2023-10-05/ |access-date=2023-10-05}}</ref><ref>{{cite web|url=https://www.latimes.com/b2bpublishing/business-announcements/story/2023-10-06/metropolis-technologies-inc-to-acquire-sp-plus-corporation-for-1-5-billion|title=Metropolis Technologies, Inc. to Acquire SP Plus Corporation for $1.5 Billion|website=Los Angeles Times|date=October 6, 2023|access-date=October 8, 2023}}</ref> Metropolis completed the acquisition on May 16, 2024, taking SP Plus private.<ref>{{Cite web |title=Metropolis Technologies expands Nashville 'co-headquarters' after $1.5 billion purchase of SP Plus |url=https://www.bizjournals.com/nashville/news/2024/05/20/parking-downtown-sp-plus-metropolis-acquisition.html |website=www.bizjournals.com}}</ref> With the completion of the transaction, SP Plus shares no longer trade on the Nasdaq Global Select Market.<ref>{{Cite web |title=How AI is disrupting parking |date=16 May 2024 |url=https://www.axios.com/2024/05/16/how-ai-disrupting-parking-metropolis-sp-plus}}</ref> The company continues to operate as a founder-led and founder-controlled, private company.<ref>{{Cite press release |last=Metropolis |title=Metropolis Closes $1.8 Billion Financing and Completes Transformational Take-Private of SP Plus Corporation |url=https://www.prnewswire.com/news-releases/metropolis-closes-1-8-billion-financing-and-completes-transformational-take-private-of-sp-plus-corporation-302147941.html |access-date=2024-05-28 |website=www.prnewswire.com |language=en}}</ref> Metropolis CEO Alex Israel stated that the acquisition will allow Metropolis to expand its reach in the North American market.<ref>{{Cite web |date=2024-06-17 |title=Metropolis, Eyeing Growth, Closes $1.5B Deal for Parking Company |url=https://labusinessjournal.com/featured/metropolis-eyeing-growth-closes-1-5b-deal-for-parking-company/ |website=Los Angeles Business Journal}}</ref>
==See also== *APCOA Parking
==References== {{reflist|2}} {{refbegin}} *[https://query.nytimes.com/gst/fullpage.html?res=9F04E3D61F3BF93BA15752C0A96E958260 COMPANY NEWS; APCOA AND STANDARD PARKING PLAN MERGER], New York Times, 1998. *[https://query.nytimes.com/gst/fullpage.html?res=9C0CE3DE123FF937A25752C0A966958260 10 Floors for Parking Planned On Top of a Chicago Church], New York Times, 1990. *[https://web.archive.org/web/20081219113003/http://www.redherring.com/Home/10619 IPO Watch: The cost of going public]. Red Herring, 2004. *[https://web.archive.org/web/20121022170254/http://www.highbeam.com/doc/1P2-4433450.html Standard Parking to merge with Apcoa]. *[http://www.fundinguniverse.com/company-histories/Holberg-Industries-Inc-Company-History.html Funding Universe Company History: Holberg Industries, Inc.] *[http://www.suntimes.com/news/transportation/1283082,CST-NWS-parking17.article Cost of downtown parking 'skyrocketing']. Chicago Sun Times, 2008. *[http://www.time.com/time/magazine/article/0,9171,1101020114-190933,00.html Parking Heaven] {{Webarchive|url=https://web.archive.org/web/20121026125720/http://www.time.com/time/magazine/article/0,9171,1101020114-190933,00.html |date=2012-10-26 }}, Time Magazine, 2002 *[http://www.highbeam.com/doc/1G1-150092591.html Sweet spot won't last; Standard Parking's shares are on a tear, but stock's ascent may begin to idle]{{dead link|date=January 2025|bot=medic}}{{cbignore|bot=medic}}, 2006 *[http://files.shareholder.com/downloads/STAN/902062435x0x363427/C739975B-AC07-413A-A539-190F75EC1219/Annual_Report_2009.pdf Standard Parking 2009 Annual Report], 2010 {{refend}}
Category:Private equity portfolio companies Category:Parking companies Category:Companies based in Chicago Category:Companies formerly listed on the Nasdaq Category:2024 mergers and acquisitions