Harvest Partners SCF – the non-control private equity strategy of Harvest Partners – has made an investment in LAZ Karp Partners, a provider of parking management services.
LAZ Karp Partners (DBA LAZ Parking) has operations in over 2,100 locations across 29 states and 265 cities and is considered to be the third largest parking operator in the United States with 815,000 parking spaces. LAZ provides an array of parking services including facility management, billing, collections, maintenance, valet parking and shuttles. Customers of the company include commercial and residential property owners and managers, government and municipal entities, hotels, universities, hospitals, stadiums and arenas, airports and transit authorities, and retailers and restaurants. LAZ Parking was founded in 1981 and is headquartered in Hartford, CT (www.lazparking.com).
LAZ Parking is led by founders Alan Lazowski and Jeff Karp and Senior Executives Michael Harth and Mike Kuziak. “Harvest Partners SCF offers a unique value proposition to founder-owners who are looking for private equity capital but do not wish to sell control of their business,” said Mr. Lazowski. “We are enthusiastic about our new partnership with Harvest, and look forward to continuing our plans for growth together.”
Harvest Partners SCF (HP SCF) targets private equity-like returns while assuming risks more characteristic of debt investments. The group targets investments of $20 million to $75 million in companies where the business owners need equity capital but do not wish to dilute or sell their ownership. Target companies will have revenues of $100 million to $750 million and be active in the following sectors: business and consumer services; healthcare services; industrial and energy services; manufacturing; and distribution. HP SCF, founded in 2014, is led by senior managing director Joseph (Jay) Hegenbart and is headquartered in New York (www.hp-scf.com)
“We are pleased to be partnering with Alan, Jeff and the rest of the LAZ team,” said Mr. Hegenbart. “LAZ has demonstrated an ability to consistently grow organically and through acquisitions across a variety of market cycles, and we are very fortunate to be teaming up with LAZ through this proprietary investment.” There were no investment bankers involved in the transaction.
Steve Duke, Principal, and Caldwell Zimmerman, Associate, also worked on this transaction for Harvest Partners SCF.
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-25-15
