Published: August 31, 2021
Hartford, Connecticut – Propark Mobility announced today that the company has acquired a Los Angeles parking management portfolio, in a transaction that finalized in July 2021.
“Our growth strategy includes the strategic acquisition of small to mid-sized parking management companies whose owners are looking for ways to optimize their company’s value and exit their business,” said David Schmid, Propark Mobility’s Chief Investment Officer. “This established portfolio in the Greater Los Angeles marketplace represents a great deal of added value to our company, and our West Coast footprint of parking assets.”
Propark’s latest acquisition is comprised of ten locations in convenient markets, including Santa Monica, West Los Angeles, Hollywood, San Fernando Valley and Valencia. The portfolio, which employs thirty people, provides services to a diverse client base, including media and entertainment, commercial real estate, retail, and medical office. Tensile Investments, a strategic partner of Propark Mobility, participated in the acquisition.
“I’m very pleased to have kicked off a successful partnership with Propark,” said Dabo Horsfall, Tensile Investments’ CEO. “I think Propark’s ability to structure a fair deal during such a precarious time tells a lot about the company’s win-win partnership culture. Our latest deal has already led to the launch of a fast charging electric mobility hub in Los Angeles. We look forward to supporting the success of Propark Mobility.”
About Propark Mobility
Propark Mobility is one of the country’s largest privately-owned parking companies, providing full-service parking and mobility services for over 600 hospitality, healthcare, commercial, and off-airport locations, in over 100 cities across the United States. For more information, please visit www.propark.com
About Tensile Investments
Tensile Investments is a holding company focused on financing fixed and mobile infrastructure necessary for clean and sustainable cities and communities.