Infra Park announces, through its indirect subsidiary LAZ Parking, the acquisition on 1st December 2016 of Valet Parking Service (VPS), one of Los Angeles most recognized parking operator and the acquisition of a local-based parking operator Alpha Park on 4th January 2017, whose operations will be combined will LAZ Parking's operations in Denver.
With now more than 60 locations including high-profile venues like the Oscars or the five-star Peninsula Beverly Hills hotel and 425 employees, VPS was first established in 1946 and since has ever led Los Angeles parking market when it comes to integrity, innovation and quality of service. As an organization who puts its people and its client first, this acquisition is a perfect fit for LAZ and the two organizations will be very complementary and fully equipped to continue its growth.
In Denver, the acquisition will add 49 new parking garages and surface lots to LAZ Parking portfolio, making it one of the largest parking operators in Denver with 80 locations and over 125 employees. Alpha Park was started in 2009 by Dan Bragassa, a parking professional with decades of experience in the Denver parking market. The deal closed on January 4, 2017, leading to the combination of a truly synergistic portfolio which will drive new value for LAZ/Alpha Park current and prospective clients. Dan Bragassa will remain with the company and lead the Denver market.
Serge Clémente, President of Infra Park: “These two transactions allow us to follow our strategy that consists in densifying our existing market positions in the United States through targeted tuck-in acquisitions to sustain and consolidate long-term growth and profitability. These acquisitions will also bring expertise and new talents within our organisations. With more than 880,000 spaces managed over more than 328 cities we reinforce our position as one of the leaders of the US dynamic market.”
| Contact analysts / investors: Edouard Risso Tel.: +33 1 49 03 14 60 edouard.risso@infraparkgroup.com | Press contact: Claire Lise Beaurenault Tel.: +33 1 49 03 12 79 claire-lise.beaurenault@infraparkgroup.com |
About Infra Park
Infra Park (previously named Infra Foch) holds about 100% of Indigo Infra (previously named VINCI Park). Indigo Infra is a key global player in car parking and urban mobility, which manages more than 2.0 million parking spaces in 16 different countries. In 2015, Infra Park revenues and its EBITDA amounted to 795 million euros and 281 million euros respectively (Global Proportionate figures, pre IFRS 11). Infra Park is indirectly held at 49.2% by investment funds managed by Ardian, 49.2% by Crédit Agricole Assurances, and the remainder by the employees and management of the Group.
About LAZ Parking
LAZ Parking, founded in Hartford, CT in 1981, is one of the largest and fastest growing parking companies in the United States, operating hundreds of thousands of parking spaces across the country in over 2,500 locations. With over 35 years of experience providing parking management and transportation services, LAZ works seamlessly across a variety of segments including hospitality and valet, office buildings, medical, airport and transportation, campus, government and municipal, retail, events, residential building and shuttle services. Additional information can be found at www.lazparking.com.
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Full and original press release in PDF:
https://www.actusnews.com/documents_communiques/ACTUS-0-47018-cp-groupe-infra-park-110117.pdf
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