TA Associates buys into Towne Park

Another successful majority investment has been completed by leading global growth private equity firm, TA Associates into Towne Park. The company provides outsourced parking management and other specialized hospitality services to the hotel and healthcare sectors. No specific terms of the deal were disclosed.

As part of the deal, existing investor Camden Partners sold its stake in Towne Park, and existing investor Harbour Vest Partners re-invested in the company. “We are very pleased to welcome TA Associates as an investor in Towne Park” Towne Park serves hotels was founded in 1988. The company provides an array of parking and other outsourced staffing solutions. The started off as a small valet service for a single hotel, the firm has 8,500 associates today, and they serve over 530 clients in 50 markets right across the United States of America. Parking, self-parking, door service, bell service, patient transportation, employee support, concierge, shuttle transport and event services are some of the services that Towne Park provides. Annapolis, Maryland is the home of Towne Park.

“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 William D. Christ, a Principal at TA Associates said “Among Towne Park’s compelling positives is a dynamic, varied and strategically located customer base. In addition to many of the world’s finest hospitality brands and highly regarded healthcare providers, the company serves casinos, restaurants, convention centres and other large scale, multi-use complexes. While diversifying across industries and major U.S. markets, Towne Park has also skilfully secured clients in close geographic proximity to achieve significant operational efficiencies.” Jerry South, Founder & CEO of Towne Park said, “We are very pleased to welcome TA Associates as an investor in 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.”

Jeffrey A. Del Papa, a Principal at TA Associates said, “Towne Park offers customers a very compelling value proposition.” In addition to a professional, data-driven partnership, the company enables businesses to increase service levels and profitability. Given the 0ngoing migration to outsourced services and a highly fragmented market, we anticipate continued organic and acquisitive growth for Towne Park.”

Included in the transaction Towne Park management kept a large stake in the firm. existing investor Camden Partners sold its stake in Towne Park, and Harbour Vest Partners, also a current shareholder, re-invested in the company.