Company Partners with Experienced Institutional Investment Managers to Recapitalize in Support of Investment in Innovation and its Leading Position in the Parking Solutions Industry
Company Announces Appointment of New Chief Executive Officer
Operations Continue Seamlessly as Company Closes Transaction
NEW YORK, Jan. 31, 2025 /CNW/ - Reimagined Parking (the "Company"), one of the world's leading tech-powered, people-driven parking solutions provider, today announced the successful completion of a private capital transaction designed to strengthen the Company's capital structure and support its leading position in the industry and long-term operational objectives.
As a result of the transaction, the Company significantly reduced its Senior Secured Debt through an infusion of new capital from the Company's existing financial partners and brings the Company under the ownership of a consortium of institutional investment management firms with deep experience in driving financial and operational growth in various industries. The transaction underscores the confidence of the Company's financial partners in its strategic vision and operational excellence.
Concurrently with the closing, the Company has appointed Rick West, a seasoned executive with over thirty years of experience in the parking industry, as the Chief Executive Officer of the Company. Rick has deep experience as an operator of parking garage businesses such as the Millennium Parking Concession, Central Parking Corporation and Parking Company of America Airports, as well as advising private equity and other private capital investors in connection with acquisitions of, and investments in, parking businesses.
"Today marks a pivotal moment for Reimagined Parking," said Rick West, "this transaction not only strengthens our financial foundation but also positions us to continue leading the industry in parking management, valet, shuttle ground transportation, and parking technology products and services. We are excited to welcome our investors, whose experience and support will be invaluable as we drive innovation and expand our platform across North America."
The Company remains committed to delivering exceptional service and innovative solutions to its clients and customers while maintaining uninterrupted operations following the completion of the transaction.
About Reimagined Parking
Reimagined Parking's portfolio includes nationally recognized brands such as Impark, Lanier, Republic Parking, AmeriPark, and Park One. With a workforce of more than 6,600 managing over 2,500 high-density parking facilities across more than 275 North American cities, the Company generates 34 million digital transactions annually, serving high-profile commercial real estate, retail, hospitality, airport, event, healthcare, municipal, and education locations. For more information, please visit www.reimaginedparking.com.
SOURCE Reimagined Parking Inc
Contacts: Media, Reimagined Parking Communications, [email protected]
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