ORLANDO, FL – December 4, 2018 – GrayRobinson attorneys Michael E. Neukamm, Richard A. Rodgers, Jack K. McMullen, Paul Quinn and Lisa A. Specht assisted founder and seller Craig Mateer of Baggage Airline Guest Services, Inc. and Home Serv Delivery, LLC (Bags) in its acquisition by SP Plus Corporation (SP+), for an all cash purchase price of $275 million. The deal closed in Orlando on November 30.
"We are proud to have represented Craig Mateer and Bags in this significant opportunity to combine Bags’ capabilities with a like-minded industry partner," said Mike Neukamm, Orlando Managing Director of GrayRobinson. "With any deal we work on, we proactively work with our clients to aim for the very best outcome for all parties involved, and we are more than pleased with the results obtained in this scenario."
SP+ is a parking and ground transportation services provider. In addition to operating approximately 2 million parking spaces at 3,500 facilities across North America, SP+ specializes in valet services at luxury hotels and resorts, and runs shuttle buses at 70 airports.
Bags, based in Orlando, offers baggage delivery services and remote flight check-in for professionals and large groups, operating in more than 250 cities with clients including major airlines, airports, and leading hotels and resorts.
"We are really satisfied with the outcome of this deal and have been thoroughly impressed with the professionalism and service GrayRobinson provided us from the outset, and we couldn’t have done this deal without them," said Mateer. "The SP+ team understands our business and provides the experience and resources needed to make Bags more valuable to our clients. This transaction presents the ideal opportunity for the continued growth of our company."
In a press release issued by SP+ immediately following the closing of the transaction, SP+ President and Chief Executive Officer G Marc Bauman stated, "[w]e are very excited to work with the Bags team, and look forward to leveraging our complementary service lines to accelerate growth and diversify our client base. I am confident that the strategic and financial merits of the acquisition will greatly benefit our shareholders, while the strength of the combined company will create new opportunities for our clients and employees."
In addition, Bob Miles, President of Bags, said, "SP+ is the ideal partner to help us grow our business and position Bags for long-term success. We look forward to continuing to deliver outstanding service and innovative, technology-driven solutions to our clients."
For more information on the deal, please click here.