Grant Thornton UK LLP’s corporate finance team has advised on the international sale of North West-based KMP Associates Limited, a software and technology provider serving aviation and commercial parking clients throughout the US and Europe.
Headquartered in Stockport near Manchester, KMP Associates has been acquired by SP+ Corporation, a NASDAQ-listed, US-based provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients throughout North America.
KMP’s current offering is set to increase SP+’s footprint in across Europe and the US, with the company’s technology deployed at over 35 airports in the two continents, with over 100 commercial parking locations across Europe.
Operating under the AeroParker and MetroParker brands, KMP delivers online booking for parking and other travel services, dynamic pricing, and e-commerce capabilities which are designed to reduce congestion, enable frictionless transactions and provide a first-class consumer experience. In addition, KMP also provides comprehensive digital marketing capabilities through its award-winning digital marketing agency, KMP Digitata.
Marc Baumann, Chairman and Chief Executive Officer of SP+, said: “The acquisition of KMP is aligned with our strategy of complementing organic growth with acquisitions that further strengthen our industry-leading technology capabilities, particularly in those areas that support digital transactions and the development of smart cities.
“Through this combination, we have the opportunity to leverage our respective relationships and expertise to bring innovative technology solutions to airports and commercial parking operations both within and outside of North America. In addition to expanding our addressable market, the acquisition of KMP has the potential to serve as a growth platform for us, advancing the digital transformation of our industry.”
Rhodri Edwards, President of KMP, said: “With the support of SP+, we will have the ability to accelerate our growth to meet the rapidly expanding demand for our services. Given the complementary nature of our solutions and services, we envision significant opportunities to bring additional value to our clients. Importantly, this is an excellent cultural fit for us, given our compelling value propositions and mutual commitment to superior client service and to the well-being of our talent.”
Jonathan Keefe, former CEO of KMP, said: “I am very proud to have founded KMP and overseen its growth into the ecommerce SaaS platform it is today, a valued partner to aviation and commercial clients globally. The acquisition of KMP will enable SP+ to broaden their technology capabilities and expand their addressable market and provide a great home for KMP going forward.”
The acquisition marks another North West-based business being acquired by a US-buyer, following Grant Thornton’s corporate finance team advising on the sale of Wirral-based Parity Medical earlier this year.
KMP were advised by a team led by partner and Northern head of corporate finance Peter Terry, assisted by Chris Ryan, Alex Parry and Cariad Lightfoot.
Peter Terry said: “KMP has created a fantastic software solution and there was strong demand for its scalable and portable technology. It is a brilliant strategic acquisition for SP+ and we are confident the team will thrive with additional resource the new ownership will bring.
“We are still seeing significant deal activity, despite some very clear economic challenges amid continuing uncertainty, particularly driven by international corporates looking to acquire high quality UK assets as part of their growth strategies.”
Other advisers working on the transaction on the sell side includes law firm Slater Heelis (Simon Wallwork and Mark Warburton).