Harvest Partners SCF has made an investment in LAZ Karp Partners (LAZ Parking), a Connecticut-based national provider of parking management services. Terms of the transaction have not been disclosed.
LAZ Parking is the third largest parking operator in the United States with operations in over 2,100 locations across 29 states and 265 cities. LAZ offers a vast array of parking services including facility management, billing, collections, maintenance, valet parking and shuttles. The Company works with commercial and residential property owners and managers, government and municipal entities, hotels, universities, hospitals, stadiums and arenas, airports and transit authorities, and retailers and restaurants to provide innovative, best in class, optimal and efficient parking services for its customers. The company is led by founders Alan Lazowski and Jeff Karp and Senior Executives Michael Harth and Mike Kuziak.
“Harvest Partners SCF offers a unique value proposition to founder-owners who are looking for private equity capital but do not wish to sell control of their business,” says Lazowski, Chairman and CEO of LAZ Parking. “We are enthusiastic about our new partnership with HP SCF, and look forward to continuing our plans for growth together.”
Jay Hegenbart (pictured), Senior Managing Director, Portfolio Manager HP SCF, says: “We are pleased to be partnering with Alan, Jeff and the rest of the LAZ team. LAZ has demonstrated an ability to consistently grow organically and through acquisitions across a variety of market cycles, and we are very fortunate to be teaming up with LAZ through this proprietary investment.”
Steve Duke and Caldwell Zimmerman also worked on the investment. There were no investment bankers involved in the transaction.
