Los Angeles, Calif. – Propark Mobility announced today that the company has purchased Los Angeles-based Imperial Parking Industries, Inc. (IPI), expanding its area portfolio by 75 percent.
“As a leader in the Los Angeles area, Imperial Parking offers a regional expertise that, when combined with Propark’s national network and back-end systems, will propel both companies forward,” said David Schmid, Propark’s Chief Investment Officer. “Building these meaningful, beneficial connections is a core component of Propark’s mission, and we felt it was more important than ever to approach this conversation with honesty and transparency so we could do right by Imperial’s founders, honor their legacy, and continue our growth in the L.A. market.”
Founded in 1997, Imperial Parking has provided leading parking management services to premium properties throughout the Los Angeles area, including a strong focus in Beverly Hills. The company operates 34 locations, which include healthcare facilities and Class A office buildings, as well as residential and commercial properties. As part of the acquisition, Propark will retain 100 percent of IPI’s frontline staff, with President Kia Shakoori remaining at the helm.
“Kia and his team run an incredible operation,” said John Schmid, Propark CEO and Chairman. “They’ve built a powerful legacy in the Los Angeles area, and we’re thrilled to welcome them aboard. We look forward to collaborating with Imperial to continue providing the highest quality service in the region.”
This deal is the latest in a series of acquisitions for Propark Mobility. Over the last year, the company has acquired Monument Parking in Washington, D.C.; Sovereign Services in Houston, Texas; and Pilgrim Parking in Boston, Mass. To learn more about Propark’s acquisition process, visit www.propark.com/acquisitions.
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 750 hospitality, healthcare, commercial, and off-airport locations in more than 100 cities across the United States. For more information, please visit www.propark.com.