Towne Park Acquires Majority Stake in Unified Parking Partners
August 05 2024 - 11:30AM
Business Wire
Acquisition supports Towne Park's growth
strategy by further expanding commercial parking portfolio and
presence in new markets
Towne Park (or the “Company”), a leading tech-enabled,
multi-service parking and hospitality solutions provider, today
announced that it has acquired a majority stake in Unified Parking
Partners (“UPP”), a full-service parking management company
headquartered in Portland, ME. As part of the transaction, Daniel
McNutt, UPP Founder and CEO, will continue to lead UPP. Financial
terms of the transaction were not disclosed.
Founded in 2012, UPP brings expertise to every facet of
commercial parking management, specializing in the strategic
optimization of commercial parking assets. UPP has over 280
locations supported by more than 500 employees, with significant
operations along the Eastern Seaboard with a strong footprint in
New England and Florida. UPP’s innovative approach to new market
penetration in highly desirable, high growth, destination vacation
and leisure markets and UPP’s innovative parking revenue
optimization strategy has been instrumental in its rapid
growth.
This strategic acquisition further expands Towne Park’s
commercial parking portfolio, building on its recent acquisition of
over 100 commercial parking facilities across the country, and
broadens its reach in these new highly desirable markets, further
strengthening its industry leading position. Towne Park will
provide UPP with additional resources to help scale its innovative
business model and revenue management solutions. By leveraging each
company’s unique strengths and complementary markets, Towne Park
and UPP will enhance their ability to deliver exceptional service
and asset value creation for its clients.
“We are thrilled to partner with Dan and the talented team at
UPP as we continue to grow our commercial parking portfolio and
further expand our revenue optimization capabilities and reach,”
said Andrew Kerin, CEO of Towne Park. “Dan has successfully built
an innovative parking management and optimization model that is not
only scalable but also provides significant opportunity in these
high growth markets with evolving demographics, presenting us with
tremendous growth opportunities. Their reputation for delivering
first-class parking management and revenue optimization solutions
aligns with our mission to drive client value and exceptional
customer experiences. This partnership will not only enhance our
portfolio and penetration in new markets, but also reinforce our
commitment to growth and innovation. We are excited to partner with
Dan and the entire UPP team to further scale the business and
leverage our complementary skills and assets.”
“Joining forces with Towne Park represents a milestone moment
for UPP and I’m excited to work with Andrew and the team,” said
Daniel McNutt, CEO & Founder of Unified Parking Partners.
“We’ve long admired Towne Park and its unparalleled reputation in
the industry. The Company’s size, talent, scale and infrastructure
will bring a wealth of resources to further support our growth,
enable us to capitalize on the exciting opportunities ahead and
provide additional opportunities for our team. Our shared values
and commitment to excellence will allow us to leverage Towne Park's
national presence while continuing to provide the personalized
touch that our clients have come to expect.”
Following the transaction, UPP will continue to operate under
its brand, maintaining its commitment to local leadership and
client relationships while benefiting from the resources and
expertise of Towne Park.
Towne Park was represented by Hunton Andrews Kurth LLP as its
legal advisor. Piper Sandler acted as financial advisor and
Kleinbard LLC acted as legal advisor to UPP.
About Towne Park
Towne Park is the leading tech-enabled, multi-service parking
and hospitality solutions provider serving premier hotels,
healthcare institutions, residential properties and commercial
parking facilities nationwide. Supported by more than 12,000 team
members, Towne Park is the only company with a comprehensive suite
of parking, mobility and hospitality solutions focused on
delivering exceptional experiences from arrival through departure.
For 35 years, Towne Park has been committed to providing the best
team, the best service and the best solutions that drive revenue
and enhance our clients’ brands creating smiles with the millions
of guests, patients and visitors we proudly serve. For more
information, visit www.townepark.com.
About Unified Parking Partners
Unified Parking Partners is a full-service parking management
company with expertise in all aspects of parking. Founded in 2012,
UPP is active in nine states along the Eastern Seaboard with over
280 locations and 500+ employees. For 12 years, UPP and it’s 500+
team members have served its clients and customers by driving
financial and operational value, and its integrity and proven
commitment to keeping pace with ever-changing demands has been the
foundation behind the company’s rapid growth.
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Media Contacts
Drew Brown / Julie Rudnick FGS Global
TownePark@fgsglobal.com