Greenbriar Equity Group LP has revealed that funds managed by Greenbriar completed an acquisition of Towne Park, a parking and hospitality solutions provider, from TA Associates. Financial terms of the private transaction were not disclosed.
Towne Park was founded in 1988 and provides a suite of parking, mobility and hospitality solutions to hotels, healthcare institutions and residential properties nationwide.
“We are excited to partner with Greenbriar as we enter this next phase of Towne Park’s growth and success,” said Andrew Kerin, CEO, Towne Park. “Our values and approach are very much aligned, and we have a collective commitment to enhancing the company’s capabilities and client solutions to accelerate our growth and provide greater opportunities for our team members. We look forward to working together and benefiting from Greenbriar’s significant expertise and successful track record in expanding and scaling tech-enabled service platforms like Towne Park.”
The acquisition by Greenbriar will support the senior management team’s expansion plans, with a focus on both organic and acquisition opportunities that will widen the company’s national presence and broaden its service offerings for clients.
Michael Weiss, managing partner, Greenbriar, said, “Towne Park is an exceptional business with a long and successful track record supporting leading clients within its core end markets. We have been impressed by the company’s customer-centric approach, deep operational capabilities and industry-leading technology and service platform. We are looking forward to partnering with Andrew and the management team to support the company through its next stage of growth.”
Moelis & Company and Goodwin Procter acted as financial advisor and legal advisor, respectively, for TA and Towne Park. Kirkland & Ellis LLP served as legal counsel for Greenbriar.