LAZ PARKING PURCHASES SEATTLE-BASED INTERNATIONAL PARKING MANAGEMENT, INC. (IPM)

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Apr 04, 2024, 10:15 ET

HARTFORD, Conn., April 4, 2024 /PRNewswire/ -- LAZ Parking, the largest and fastest-growing privately owned parking operator in the United States, is pleased to announce an asset purchased of Seattle-based (IPM) in a deal that will give LAZ a market-leading presence in the Seattle metro area. The deal will add 14,000 parking spaces to the LAZ Parking family, making it one of the largest parking operators in Seattle.

"This acquisition is a melding of like-minded companies committed to providing opportunities for their employees and serving the parking needs of their clients and the parking public," said Alan Lazowski, Chairman, CEO, and Founder of LAZ Parking. "LAZ is thrilled to be expanding in the Seattle Metro area and to have been entrusted by IPM to continue their tradition of excellence dating back to their founding in 1985."

IPM is a parking market leader in Seattle, and the combined assets of LAZ and IPM will create a market-leading footprint in Seattle and surrounding communities with 74 employees. LAZ and IPM share cultural values in terms of the way they conduct business and care for employees. Other factors making IPM a strong fit include IPM's outstanding leadership team, solid track record of retaining clients, and extensive local knowledge and relationships that have potential to create growth opportunities for LAZ.

IPM's deep local knowledge, long-standing relationships, and extensive portfolio also offer LAZ new hotel storage opportunities.

IPM was founded in 1985 as Premier Parking by Joan and Steve Sundberg as an off-airport parking company. The company was purchased in 2006 by husband-and-wife team, Mark and Tracy Sundberg. The company has 74 employees and $40 million in managed revenues. Two senior leaders at IPM will join the LAZ leadership team: Scott Reisnouer, who brings over 30 years of experience in the Seattle parking market, and over 10 at IPM, and Scott Bly who also has 30 years of professional experience, including four years at IPM and work in the transportation industry.

"We are excited and honored to be building on the hard work and visionary leadership of Mark and Tracy Sundberg and their team," said LAZ President & Co-founder Jeff Karp. "Our shared cultures and approach to doing business make this an extraordinarily strong match and one that will enhance our ability to contribute to the Greater Seattle economy and deliver a state-of-the-art parking experience to customers and clients."

The agreement with IPM is the latest in a long history of thoughtful, strategic acquisitions and partnerships that have built LAZ into the largest privately held parking company in America. Founded in 1981, LAZ Parking grew out of the childhood friendships of Lazowski, Karp, and fellow founders Michael Harth and Michael Kuziak. More than 40 years later, LAZ is still guided by the original values of those founders to "Create Opportunities for Our Employees and Value for Our Clients," the same principles embodied in LAZ's laser-focused mission, "The LAZ Way."

About LAZ Parking

LAZ Parking is the largest, fastest-growing privately owned parking operator in the United States and a pioneer in digital parking technology. Founded in Hartford, CT, LAZ has been providing best-in-class parking management and transportation services since 1981 and operates over 1.48 million parking spaces in over 3,700 locations in 42 states and 469 cities in the U.S. LAZ is an industry leader in business intelligence, remote monitoring, eCommerce solutions, and Proximity On-Demand Services or "LAZ PODS". We leverage our national network of parking facilities to offer cutting edge, tech-enabled solutions, that include EV charging, micro warehousing, last-mile logistics, working across the hospitality, commercial, healthcare, airports, transportation, universities, government, retail, events, residential, and shuttle service industries. LAZ is a people first, conscious capitalist company, committed to elevating humanity through business. Additional information can be found at www.lazparking.com.

SOURCE LAZ Parking