KKR has acquired The Parking Spot (TPS), a US owner and operator of near-airport parking properties, from an affiliate of private equity real estate investment firm Green Courte Partners.
KKR said it is making the investment through its global infrastructure fund, although the exact amount has not been revealed.
Founded in 1998, TPS has 47 parking properties servicing customers traveling from all major airports.
Dash Lane, partner at KKR, said: “The Parking Spot has demonstrated a compelling track record of growth and delivery of a high-quality offering to travelers that aligns well with our investment philosophy,.
“With its strong and established platform, well-known industry brand, and superior customer service, TPS is recognised as an industry leader. Above all, we are strong believers in the TPS management team and their vision, along with the employees who have contributed meaningfully to the company’s success.”
TPS’s management team will continue to lead the company following the acquisition.
Tim O’Malley, president and CEO at TPS, said KKR’s industry knowledge and substantial resources “will be instrumental as we continue to grow our core business and enhance our market leadership.”
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