TA Associates Acquires Majority Interest in Towne Park
BOSTON, January 7, 2014 – TA Associates, a leading global growth private equity firm, today announced it has completed a majority investment in Towne Park, a provider of outsourced parking management and other specialized hospitality services to the hotel and healthcare industries. Additional terms of the investment were not disclosed.
Founded in 1988, Towne Park serves hotels, healthcare facilities and other institutions, providing an array of parking and other outsourced staffing solutions. Originating as a small valet service for a single hotel, the company today has 8,500 associates serving more than 530 customers in 50 markets across the United States. Towne Park’s services include valet parking, self-parking, door service, bell service, patient transportation, employee support, concierge, shuttle transport and event services. Major hospitality clients include Four Seasons Hotels & Resorts, Hilton Worldwide, Hyatt Corporation, Loews Hotels & Resorts, Marriott International, Omni Hotels and Resorts, The Ritz-Carlton Hotel Company and Starwood Hotels and Resorts. Representative healthcare clients include Adventist Health System, Allegent Health, Banner Health, St. Luke’s Health System and Tenet Healthcare Corporation. Towne Park is headquartered in Annapolis, Maryland.
“With strong historical growth and a talented and proven management team, Towne Park is a highly attractive investment for TA Associates,” said Michael S. Berk, a Managing Director at TA Associates who will join the company’s Board of Directors. “Towne Park is a true entrepreneurial success story, growing into the recognized leader in institutional outsourced parking. We will work closely with Towne Park to leverage their leadership position and further grow the business.”
“Among Towne Park’s compelling positives is a dynamic, varied and strategically located customer base,” said William D. Christ, a Principal at TA Associates who will also join the company’s Board of Directors. “In addition to many of the world’s finest hospitality brands and highly regarded healthcare providers, the company serves casinos, restaurants, convention centers and other large scale, multi-use complexes. While diversifying across industries and major U.S. markets, Towne Park has also skillfully secured clients in close geographic proximity to achieve significant operational efficiencies.”
“We are very pleased to welcome TA Associates as an investor in Towne Park,” said Jerry South, Founder & CEO of Towne Park. “TA brings a wealth of experience, strategic guidance and contacts, and partnering with the firm is a natural next step in our evolution. With TA’s assistance, we will grow our existing client relationships and pursue additional opportunities, while continuing to meet the unique hospitality and service needs of each of our clients.”
“Towne Park offers customers a very compelling value proposition,” said Jeffrey A. Del Papa, a Principal at TA Associates who will also join the company’s Board of Directors. “In addition to a professional, data-driven partnership, the company enables businesses to increase service levels and profitability. Given the ongoing migration to outsourced services and a highly fragmented market, we anticipate continued organic and acquisitive growth for Towne Park.”
As part of the transaction, Towne Park management maintained a significant stake in the company. In addition, existing investor Camden Partners sold its stake in Towne Park, and HarbourVest Partners, also a current shareholder, re-invested in the company.
Goodwin Procter LLP provided legal counsel to TA Associates. Hogan Lovells LLP served as legal counsel and Harris Williams & Co. served as financial advisor to Towne Park.
About Towne Park
Towne Park is America's premier provider of hospitality staffing services and parking solutions. Towne Park provides parking management and staffing services to hundreds of hotel, hospital, casino and retail clients across the United States, and we welcome thousands of guests and patients every day from coast to coast. Serving people is our passion and we are Driven To Serve® with excellence in all we do. For more information, visit www.townepark.com
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 430 companies around the world and has raised $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the technology, financial services, business services, healthcare and consumer industries. More information about TA Associates can be found at www.ta.com.