Greenbriar Equity Group has acquired Towne Park, a provider of parking and hospitality services, from TA Associates.
Towne Park is a provider of outsourced parking management and other specialized hospitality services to hotels, healthcare institutions and residential properties across the Unites States. Towne Park’s services include valet parking, self-parking, door service, bell service, patient transportation, employee support, concierge, shuttle transport and event services.
The company serves more than 800 properties across the United States including for Hilton Worldwide, Four Seasons Hotels & Resorts, Hyatt Corporation, Loews Hotels & Resorts, Marriott International, Omni Hotels and Resorts, The Ritz-Carlton Hotel Company and Starwood Hotels and Resorts. Representative healthcare clients include Adventist Health System, Allegent Health, Banner Health, St. Luke’s Health System and Tenet Healthcare Corporation. Towne Park was founded in 1988 and has more than 11,000 employees with headquarters in Annapolis, Maryland.
TA acquired Towne Park in December 2013 and has closed numerous add-on acquisitions including Dallas-based Priority Parking (2014), Columbus, Ohio-based Parking Solutions (2016), Cleveland-based M.V.P. Parking Solutions (2016), Salt Lake City, Utah-based Valet Parking Services (2016), New York-based Park Plus Parking (2017), New Jersey-based Citi Park (2017), and Hawaii-based Elite Parking Services (2019).
“We are excited to partner with Greenbriar as we enter this next phase of Towne Park’s growth and success,” said Andrew Kerin, the CEO of Towne Park. “Our values and approach are very much aligned, and we have a collective commitment to enhancing the company’s capabilities and client solutions to accelerate our growth and provide greater opportunities for our team members. We look forward to working together and benefitting from Greenbriar’s significant expertise and successful track-record in expanding and scaling tech-enabled service platforms like Towne Park.”
In partnership with Greenbriar, Towne Park will pursue both organic and acquisition opportunities in order to widen the company’s national presence and broaden its suite of services.
“Towne Park is an exceptional business with a long and successful track record supporting leading clients within its core end markets,” said Michael Weiss, a managing partner at Greenbriar. “We have been impressed by the company’s customer-centric approach, deep operational capabilities, and industry-leading technology and service platform. We are looking forward to partnering with Andrew and the management team to support the company through its next stage of growth.”
Rye, New York-headquartered Greenbriar is an active investor in the supply chain, business services, and advanced manufacturing sectors. In January 2023, Greenbriar held an oversubscribed, above-target, and hard cap close of its sixth fund, Greenbriar Equity Fund VI LP, with total capital commitments of more than $3.4 billion. This new fund is the largest fund raised by Greenbriar. Since its founding in 1999, the firm has raised over $10 billion in capital commitments across its six funds.
TA Associates makes equity investments of $100 million to $600 million in middle-market growth companies that are valued from $150 million to over $3 billion. Sectors of interest include technology, healthcare, financial services, consumer, and business services. Since the firm’s founding in 1968, TA has invested in more than 560 companies across its target industries, with over 120 companies in the portfolio today.
Moelis & Company was the financial advisor to TA and Towne Park on this transaction.
© 2023 Private Equity Professional | July 11, 2023
