NEW
YORK, July 29, 2024 /PRNewswire/ -- Turning Rock
Partners ("TRP" or "Turning Rock"), a New
York-based private investment firm, and Callaway Hudson
Partners ("CalHudson"), a partnership between Hudson Valley Parking
Trust ("HVPT") and Callaway Capital Management, LLC ("CCM"), have
provided growth capital to support CalHudson's acquisition of ICON
Parking ("ICON" or the "Company"). Hudson Valley Parking Trust
("HVPT") is a global parking acquisition platform operated by a
team of parking veterans who have a demonstrated track record of
portfolio expansion within multistate parking assets. The Company
is an established operator of over 140 parking garages in
New York, NY with 2 million annual
parking transactions and features traditional parking, electric
vehicle charging and other parking-related services.
The Company provides a strong base from
which to pursue growth in ancillary markets
"Hudson Valley Parking Trust has a unique approach to scaling
parking portfolios and the ICON platform provides a strong
foundation for future growth," said Turning Rock's CEO and Managing
Partner Maggie Arvedlund. "Parking assets faced challenges
during the COVID pandemic with shifting work landscapes but are
rebounding in the current environment. The Company provides a
strong base from which to pursue growth in ancillary markets."
"Our investment will enable the Company to capitalize on a
unique market opportunity by acquiring a leading parking operator
in New York City, the world's most
dynamic parking market and expand the ICON brand in the coming
months," said Hudson Valley Parking Trust Managing Director
Jerry Skillett.
"We are excited to partner with Jerry
Skillett in the next chapter of growth for one of the most
recognizable brands in parking," said Joon
Chang, a co-founder of Arkview Capital. "Since our
investment in 2023, we have built a solid platform with strong
momentum to expand nationally and welcome our new partners on this
journey."
Turning Rock was advised on the transaction by Akin Gump
Strauss Hauer & Feld for legal, BDO USA, LLC for tax advisory, Lockton Companies
on insurance, and Silver Regulatory Associates LLC on ESG/DEI.
CalHudson was advised on the transaction by Fenwick & West LLP
for legal, KPMG LLP for finance, accounting and tax advisory and
Marsh USA on insurance. Arkview
was advised by Greenberg Traurig LLP for legal and RSM US LLP for
accounting and tax advisory.
About Turning Rock Partners:
Turning Rock Partners
("TRP") targets debt, equity and hybrid investments in underserved
or capital constrained lower-middle market businesses in
North America. TRP structures
bespoke financing solutions for companies across the private market
landscape. For more information, please visit Turning Rock
Partners' website: www.turningrockpartners.com. For Turning Rock
investor relations, please contact
investor@turningrockpartners.com.
About Hudson Valley Parking Trust
Formed in 2021,
Hudson Valley Parking Trust is a global parking acquisition
platform led by an executive team of parking veterans that provides
equity capital and management support to dynamic companies in the
parking sector, globally. With over 130 combined years of
experience, HVPT has managed and led many of the most successful
companies in the parking sector.
About Callaway Capital Management
Founded in 2013 by
Daniel Freifeld, Callaway Capital
Management ("CCM"), LLC is a Nashville-based asset management and private
investment firm that provides equity capital and strategic
resources in support of dynamic companies and management teams.
About Arkview Capital
Arkview Capital is a private
equity fund backed by the Ziff family office that invests in
overlooked opportunities across business services, financial
services, and transportation. Arkview provides strategic capital to
businesses serving diverse communities, partners with diverse
founders, and promotes diversity within procurement and supply
chains of leading Fortune 1000 companies.
About ICON Parking
Founded in 1947, ICON Parking
("ICON") is one of the largest parking management, operating and
mobility services providers in New York
City and the Tri-State area. Leveraging its 70+ years of
experience, ICON provides world-class parking operations,
management, and related services to customers and clients through
its dedicated operations teams across commercial office,
hospitality, municipalities, sports and entertainment, retail, and
healthcare verticals, that results in exceptional customer,
resident, and tenant parking experiences.
Media Contact:
Kate
Shepherd, Kate@KateShepherdCommunications.com
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SOURCE Turning Rock Partners