The Parking Spot Acquires Park 'N Fly, a Significant Near-Airport Parking Platform

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Feb 06, 2024, 16:00 ET

CHICAGO, Feb. 6, 2024 /PRNewswire/ -- The Parking Spot ("TPS"), a leading owner and operator of near-airport parking properties, announced today the acquisition of Park 'N Fly ("PNF"), a near-airport parking sector owner/operator with 13 owned, leased, and managed facilities. This transaction will allow TPS to expand its footprint, broaden its third-party management offering for near-airport parking properties, and augment the company's proprietary revenue-management technology with PNF's near-airport parking search aggregator, which facilitates bookings for third-party-owned near-airport parking assets. With this addition, TPS now operates 47 facilities containing more than 100,000 spaces and located at 28 airports. TPS is owned by investment funds sponsored by Green Courte Partners, LLC ("GCP").

Jordan Kerger, Managing Director at GCP, said, "The Park 'N Fly platform has been our top acquisition target since we acquired The Parking Spot in 2011. Park 'N Fly was the first near-airport parking operator in the country, and we have a deep respect for the company. We are excited to continue to grow in the highly fragmented near-airport parking sector, and we remain committed to identifying opportunities to broaden The Parking Spot's footprint nationally through Green Courte Partners' investment funds."

"The acquisition of Park 'N Fly is a defining moment for The Parking Spot," said Tim O'Malley, Chief Executive Officer of TPS and Managing Director at GCP. "We see many opportunities for continued growth, and we are excited for The Parking Spot's exceptional service to reach more customers across many new markets."

Stephan Baars, Chief Executive Officer of BCD Group, GCP's counterparty in the transaction, stated, "We recently celebrated our 35th year of owning Park 'N Fly. When we made the decision to sell, our main priority was to find a buyer that provided a secure future, a similar cultural fit, continued growth opportunities for our employees, and an outstanding experience for our customers. We found a perfect fit with the team at Green Courte Partners and The Parking Spot."

About The Parking Spot
As a leading near-airport parking company, with 47 convenient locations at 28 major U.S. airports, The Parking Spot makes airport travel simple and seamless. Friendly, courteous team members; outstanding value; an unmatched customer-service commitment; and our industry-leading Spot Club loyalty program combine to ensure that The Parking Spot is the best part of our guests' travel experience. For more information, please visit www.TheParkingSpot.com, or follow The Parking Spot on X @theparkingspot, on Instagram @theparkingspotofficial, and on Facebook.

About Green Courte Partners, LLC
Green Courte Partners, LLC, is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, including active-adult/independent senior living properties, land-lease communities, and near-airport parking and truck storage facilities. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte's goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period. For additional information, please visit Green Courte's website at www.GreenCourtePartners.com.

SOURCE Green Courte Partners, LLC