The Parking Spot (TPS) – a leading owner and operator of near-airport parking properties – announced the acquisition of Park ’N Fly (PNF), a near-airport parking sector owner/operator with 13 owned, leased, and managed facilities.
This deal will allow TPS to expand its footprint, broaden its third-party management offering for near-airport parking properties, and augment the company’s proprietary revenue-management technology with PNF’s near-airport parking search aggregator – which facilitates bookings for third-party-owned parking assets. With this addition, TPS now operates 47 facilities containing over 100,000 spaces and located at 28 airports. TPS is owned by investment funds sponsored by Green Courte Partners, LLC (GCP).
KEY QUOTES:
“The Park ‘N Fly platform has been our top acquisition target since we acquired The Parking Spot in 2011. Park ’N Fly was the first near-airport parking operator in the country, and we have a deep respect for the company. We are excited to continue to grow in the highly fragmented near-airport parking sector, and we remain committed to identifying opportunities to broaden The Parking Spot’s footprint nationally through Green Courte Partners’ investment funds.”
- Jordan Kerger, Managing Director at GCP
“The acquisition of Park ’N Fly is a defining moment for The Parking Spot. We see many opportunities for continued growth, and we are excited for The Parking Spot’s exceptional service to reach more customers across many new markets.”
- Tim O’Malley, Chief Executive Officer of TPS and Managing Director at GCP
“We recently celebrated our 35th year of owning Park ’N Fly. When we made the decision to sell, our main priority was to find a buyer that provided a secure future, a similar cultural fit, continued growth opportunities for our employees, and an outstanding experience for our customers. We found a perfect fit with the team at Green Courte Partners and The Parking Spot.”
- Stephan Baars, Chief Executive Officer of BCD Group, GCP’s counterparty in the transaction
