LAZ Parking Announces a Long-Term Investment from Argo Infrastructure Partners

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Dec 30, 2021, 16:44 ET

HARTFORD, Conn., Dec. 30, 2021 /PRNewswire/ -- LAZ Parking (LAZ), one of the largest nationwide contract parking operators in the United States with over 3,200 managed locations, today announced the formation of a new, long-term partnership with Argo Infrastructure Partners (Argo).

Argo is a leading infrastructure investor based in New York with a long-term investment horizon, targeting higher quality infrastructure assets and businesses. This new partnership will strengthen LAZ's existing capabilities, contribute and sustain its strong relationships with employees and customers, and support further investment in EV charging infrastructure assets across the U.S.

"We are honored to partner with the Argo team," said Alan Lazowski, CEO and co-founder of LAZ Parking. "As our first choice among best-in-class infrastructure partners, we sought a long-term investor who understood the value of our national network and our people-first culture. Argo and LAZ are aligned on our shared vision of parking as essential infrastructure, including EV charging, micro warehousing logistics and future mobility services."

"We are excited to partner with Alan and his experienced leadership team in supporting LAZ's high quality infrastructure business and expanding its EV charging infrastructure network," stated Andrew Zaroulis, Senior Director at Argo Infrastructure Partners.

Concurrent with Argo's investment, LAZ's previous shareholders – Indigo Group S.A. through its indirect fully-owned subsidiary Indigo Infra USA Holdings Inc., Harvest Partners and Sculptor Capital Management – are exiting their investments, marking the end of a supportive and successful journey.

"We are humbled by the tremendous value and lifelong friendships we have created as partners," Lazowski said.

Now capitalized with a long-term preferred investment from Argo, LAZ will continue to build on its 40-year track record of providing essential services to customers across the United States, with new services planned such as a nationwide network of electric vehicle (EV) charging facilities.

Morgan Stanley & Co. LLC is acting as financial advisor and Goulston & Storrs PC is acting as legal counsel to LAZ in connection with the transaction. White & Case LLP is acting as legal counsel to Argo.

About LAZ Parking
LAZ Parking is the largest privately-owned parking operator in the United States and a pioneer in digital parking technology. Founded in Hartford, CT in 1981, with four decades of experience providing best-in-class parking management and transportation services, LAZ operates over 1.2 million parking spaces across the country in over 3,200 locations in 36 states and 444 cities. Over the past decade, LAZ has led the industry with business intelligence, remote monitoring, and eCommerce solutions, and more recently, launched its Proximity On-Demand Services – "LAZ PODS". Leveraging a national parking network and utilizing connected tech-enabled solutions, LAZ PODS includes EV charging, micro warehousing, and last-mile logistics, and cloud kitchens. LAZ works across various industries, including hospitality, commercial, healthcare, airports, transportation, universities, government, retail, events, residential, and shuttle services. LAZ is a people-first "Conscious Capitalism" company that believes in elevating humanity through business. For more information, visit www.lazparking.com.

About Argo Infrastructure Partners
Argo Infrastructure Partners is an independent fund manager with a long-term approach to infrastructure investing. Argo invests in high-quality infrastructure assets that provide essential services to their communities and achieve sustainable cash yields over their long operational lives. Argo's investment philosophy aims to couple sound investment return with responsible and sustainable investing. Argo manages over $5 billion in assets on behalf of its investor partners as of September 30, 2021, for more information, visit www.argoip.com

SOURCE LAZ Parking