GI Partners acquires Valet Living
Private investment firm GI Partners has acquired Valet Living, a full-service amenities provider to the multifamily housing industry.
GI Partners acquired Valet Living from a fund managed by the Private Equity Group of Ares Management Corporation and Harvest Partners, LP.
Valet Living pioneered the doorstep waste and recycling industry and has broadened its service offering to include turns, maintenance, pet solutions, fitness, and other app-enabled resident services. Founded in 1995 and based in Tampa, Florida, Valet Living has achieved double-digit organic growth every year since its inception and currently performs more than 415 million service events annually across 1.6 million apartment homes in 40 states. GI Partners’ investment will support Valet Living’s continued innovation and nationwide expansion.
“I would like to thank the Ares Private Equity team and Harvest Partners for their invaluable support and guidance over the last five years as we grew Valet Living from a doorstep waste management company to a full-service solutions provider that serves communities across the country. We are also excited to work with GI Partners to accelerate growth at Valet Living and continue to deliver exceptional living experiences to the residents of multifamily communities across the US,” says Shawn Handrahan, CEO of Valet Living. “We have known the GI Partners team for many years, and through that relationship they have a deep understanding of our business and untapped growth potential. We believe strongly that their team’s experience helping to build both organically and inorganically fast-growing services businesses, will help us enhance our engagement with Valet Living’s residents, property managers, and employees.”
Hoon Cho, Managing Director and Co-Head of Private Equity at GI Partners, says: “We are delighted to partner with Shawn after spending many years watching him and his team build an incredible resident services platform in Valet Living. They have led the creation and growth of an entire industry focused on delivering a better resident, owner, and property manager experience, and we look forward to working with the entire Valet Living team to continue to grow the company’s gold-standard suite of products and services.”
Jeff Sheu, Managing Director at GI Partners, adds: “We look forward to expanding Valet Living’s leading national footprint both organically and through acquisitions of best-in-class local operators. The company’s significant investments in proprietary technology offerings that enhance the resident experience, including Valet Living Home and Interactive Doorstep, further strengthen its prominent position as the industry leader.”
Deutsche Bank served as financial advisor and Kirkland & Ellis LLP served as legal advisor to GI Partners.