Chicago-based SpotHero, the nation’s leading parking reservation service, announced today that it has acquired Parking Panda, the leader in event parking reservations in the United States and Canada. This move firmly positions SpotHero as the category leader across all major off-street parking verticals, including daily, monthly, business, event, and airport parking. On track to park 20 million cars in 2017 and offering nearly 5,000 parking locations across North America, SpotHero is a driving force in the parking industry's evolution as it embraces technology and focuses increasingly on customer experience.
“We’re thrilled to combine forces with Parking Panda to bring easy parking to more drivers faster,” said Mark Lawrence, co-founder and CEO, SpotHero. “We’ve long admired Parking Panda’s talented team and ability to drive product innovation. SpotHero’s consumer focus and great mobile experience are further strengthened by Parking Panda’s strong B2B technology and partnerships.”
Prior to the acquisition, Parking Panda established over 800 strategic partnerships, including event parking partnerships with numerous NHL, NFL, MLB, and NBA teams, as well as major convention centers, sports arenas, theaters, and municipalities. In 2016, the company leveraged this strength in partnerships and event parking to enter the Canadian market, quickly achieving scale. SpotHero will leverage Parking Panda's momentum in Canada to continue building holistic mobility solutions for drivers and parking companies in 47 major cities across North America. With what is already the largest network of connected garages in the United States and the broadest base of mobile-first consumers, SpotHero is positioned to replicate this success in Canada.
SpotHero also will accelerate its aggressive B2B product roadmap with the integration of Parking Panda’s robust suite of tools and technology, including unique SaaS offerings designed for the parking industry. For consumers, the expanded engineering team will mean rapid innovation to SpotHero’s award-winning platform with a heavy focus on driver convenience.
“This is the most natural progression for our company,” said Parking Panda CEO Adam Zilberbaum. “By joining forces, we will have a greater impact on the transportation landscape, making parking more convenient through technology. We’ve long held values similar to those of SpotHero, including putting drivers first, investing in our people, and building great products.”
SpotHero’s Co-founder and CEO Mark Lawrence will continue to serve as CEO, and Parking Panda’s leadership team of CEO and Founder Adam Zilberbaum and COO James Bain will remain with the company.
About SpotHero
SpotHero, the nation’s leading parking reservation service, empowers drivers with easy parking at thousands of garages, lots, and valets in major cities across the U.S. Launched in 2011, SpotHero has parked more than seven million cars. The company is headquartered in Chicago and has raised $27 million in VC funding.
Notably, in 2017 SpotHero launched SpotHero for Business, the first in-app solution to offer businesses and their employees tools to manage parking expenses and provide increased visibility. Also this year, SpotHero launched its Parking Developer Platform, enabling select websites, apps and connected or autonomous vehicle manufacturers to extend parking reservation functionality to their native interfaces. To learn more, visit www.spothero.com.
Thursday, April 13, 2017
Tuesday, March 7, 2017
hhgregg files for bankrupcty under Chapter 11
(BUSINESS WIRE)--hhgregg, Inc. today announced that it has taken action to restructure its balance sheet and better position itself for future success by filing voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. This follows the Company's delisting by the New York Stock Exchange earlier this month and the Company’s announcement on March 3, 2017 that it is closing 88 stores in 15 states and 3 distribution centers. The stores being closed include 5 in Illinois: Schaumburg, Bloomingdale, Arlington Heights, Niles, Springfield and Champaign.
“We’ve given it a valiant effort over the past 12 months,” said Robert J. Riesbeck, hhgregg's President and CEO. “We have conducted an extensive review of alternatives and believe pursuing a restructuring through Chapter 11 is the best path forward to ensure hhgregg’s long-term success. We are thankful for the continued support of our dedicated employees, valued customers, vendors and business partners as we navigate this process, and look forward to becoming a stronger company in the coming months.”
The Company has signed a term sheet with an anonymous party to purchase the assets of the Company, which is intended to allow the Company to exit Chapter 11 debt free with significant improvement in liquidity for the future stability of the business. The Company expects a quick and smooth process through Chapter 11 with emergence in approximately 60 days.
“We have streamlined our store footprint and remain fully committed to the 132 remaining stores, and the associates supporting those locations. We have solidified our senior management team and everyone is dedicated to restructuring our business model for future profitability and growth,” continued Riesbeck. “Through these strategic steps, we plan to come out of this debt free and more agile as we serve our valued customers and vendor partners, and continue to be a dominant force in appliances, electronics and home furnishings.”
hhgregg's 132 store locations will operate in the ordinary course of business throughout the restructuring process. The 88 stores affected by the Company’s announcement on March 3, 2017 will continue to operate as previously disclosed in the coming weeks.
As it navigates the Chapter 11 process, hhgregg intends to continue:
Morgan, Lewis and Bockius LLP and Ice Miller are serving as hhgregg’s legal advisors in the restructuring and Stifel, Nicolaus & Company, Incorporated, Miller Buckfire & Co., and Berkeley Research Group, LLC are serving as financial and restructuring advisors.
“We’ve given it a valiant effort over the past 12 months,” said Robert J. Riesbeck, hhgregg's President and CEO. “We have conducted an extensive review of alternatives and believe pursuing a restructuring through Chapter 11 is the best path forward to ensure hhgregg’s long-term success. We are thankful for the continued support of our dedicated employees, valued customers, vendors and business partners as we navigate this process, and look forward to becoming a stronger company in the coming months.”
The Company has signed a term sheet with an anonymous party to purchase the assets of the Company, which is intended to allow the Company to exit Chapter 11 debt free with significant improvement in liquidity for the future stability of the business. The Company expects a quick and smooth process through Chapter 11 with emergence in approximately 60 days.
“We have streamlined our store footprint and remain fully committed to the 132 remaining stores, and the associates supporting those locations. We have solidified our senior management team and everyone is dedicated to restructuring our business model for future profitability and growth,” continued Riesbeck. “Through these strategic steps, we plan to come out of this debt free and more agile as we serve our valued customers and vendor partners, and continue to be a dominant force in appliances, electronics and home furnishings.”
hhgregg's 132 store locations will operate in the ordinary course of business throughout the restructuring process. The 88 stores affected by the Company’s announcement on March 3, 2017 will continue to operate as previously disclosed in the coming weeks.
As it navigates the Chapter 11 process, hhgregg intends to continue:
- Providing superior delivery, installation and customer service;
- Providing wages, healthcare and other benefits to its associates without interruption; and
- Paying suppliers and vendors for the goods and services it receives in the ordinary course of business throughout the restructuring process.
- The Company has obtained a committed $80 million debtor-in-possession (“DIP”) financing facility underwritten by Wells Fargo Bank, National Association and GACP Finance Co., LLC.
Morgan, Lewis and Bockius LLP and Ice Miller are serving as hhgregg’s legal advisors in the restructuring and Stifel, Nicolaus & Company, Incorporated, Miller Buckfire & Co., and Berkeley Research Group, LLC are serving as financial and restructuring advisors.