Allright Corporation

Transaction Overview
Transaction type: Corporate acquisition / Private placement
Total Transaction Size: $235 Million

Transaction Background
With 1,250 parking locations in the nation, Houston, TX-based Allright Parking was the largest parking garage operator in the country when owner Nedinco made the company available for sale by appointing Goldman Sachs to sell the company. The sale was conducted on a competitive bid basis and included bids from groups backed by many major "Wall Street" firms.

Transaction Summary
CBA was initially brought into the transaction as a financial advisor to structure the transaction and provide acquisition financing. The winning bidder retained CBA as a financial advisor to structure, and provide a debt commitment to the transaction. Through extensive analysis and due diligence, CBA determined that the most cost effective and profit maximizing structure was one which utilized a combination of equity and corporate debt.

After the CBA team ultimately won the bid, the original deal sponsor failed to raise the necessary equity. CBA then arranged $66 million of equity from Apollo Real Estate Advisors and Aldrich, Eastman and Waltch to purchase the company, and secured over $200 million in debt financing (including a $75 million line of credit for future acquisitions) from Credit Suisse First Boston.