Well, it's official. Central Parking announced this afternoon that it has completed its sale to a trio of private equity firms.
The deal, which was first announced back in February, received overwhelming support from shareholders with more than 99 percent of the total votes cast approving the transaction. Through the deal, all holders of the company's stock will receive $22.53 in cash for each of their shares.
All told, that works out to a price tag of approximately $725 million. The buying partnership is an affiliate of Kohlberg & Company, Lubert-Adler Partners and Chrysalis Capital Partners.
Central Parking's founder Monroe Carell, who started the company in 1967 after taking over a small group of local lots assembled by his father, will, along with his family, see a payday of approximately $350 million from this deal.
Currently the company operates approximately 3,000 parking facilities totaling approximately 1.4 million spaces worldwide.