Wednesday, July 29, 2015

Phila-based airport parking chains sold for $141M

Parking Corp. of America has new owners, will stay in Philly

Phila-based airport parking chains sold for $141M

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(Updated) US Bankruptcy Court in Wilmington has blessed the $141 million sale, to a group of investors calling itself Commercial Financial Services 2907 Inc., of the assets of PCAA Parent LLC, owner of bankrupt Parking Corp. of America's 30 AviStar, SkyPark and FastTrack parking garages and 40,000 parking slots around U.S. airports, chief executive Charles Huntzinger told me.

In January, burdened by debt from its expansion and weaker-than-expected revenues from the recession, PCAA filed for Chapter 11 bankruptcy protection and hired SSG Capital Advisors LLC of West Conshohocken to review its choices. Corinthian-Bainbridge ZKS Holdings LLC entered an initial bid of $111.5 million, and SSG's Scott Victor, Robert Smith and Michael J. Gorman put the company on the market trying to attract higher offers at an April 27 auction.

The new owner is a group of "industry and financial buyers," according to Victor.

PCAA had been purchased by Australia-based Macquarie Infrastructure Co. LLC in 2004. Three year later the company hired Huntzinger and moved the headquarters to Essington, Delaware County, adjoining the airport. The company employs around 1,000 nationally.
 

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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