Business Services · Advisory · Closed 2024

Hudson Valley Parking Trust

Partner focused on acquisition financing

Acquisitions of Icon Management and Platinum Parking: a 4-layer bespoke capital structure closed into a dislocated market, with institutional capital arranged by 1V1sion.

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Press releaseJuly 15, 2024

1V1sion Capital Advised Hudson Valley Parking Trust on Their Acquisition of Icon Parking from Arkview Capital and Platinum Parking from Robbins Parking

SectorBusiness Services – Parking Garage Management
Deal typeAcquisition
Deal locationUSA
Deal team leadersPatrick Yeghnazar, 1V1sion Capital

NEW YORK, July 15, 2024 — 1V1sion Capital today announced it advised Hudson Valley Parking Trust on its acquisition of Icon Parking from Arkview Capital and Platinum Parking from Robbins Parking.

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Background

  • Hudson Valley Parking Trust ("HVPT") is a strategic operator of parking related assets, parking management operations and technology companies related to parking. Led by industry veteran Jerry Skillett (over 40 years experience) and comprised of parking vertical experts with a combined 130 years of experience, HVPT is a leading expert in the parking industry.
  • Founded in 1947, Icon Parking is the leading parking management brand in the New York City metro area, the largest parking management market by revenue. With over 140 locations split between leased and management contracts, Icon Parking serves over 16,000 monthly customers and 1.6 million transient parkers in New York City every year.
  • Having significant prior experience in the industry, as well as prior experience in leadership and ownership of Icon Parking, HVPT's acquisition of Icon launches a new acquisition platform for its North America operations.
  • Following the purchase of Icon Parking, 1V1sion Capital arranged the acquisition of Platinum Parking with the same financial partners, allowing HVPT and its partners to develop their acquisition platform.

Process

  • 1V1sion Capital acted as exclusive financial advisor to HVPT on its acquisition financing for Icon Parking and Platinum Parking, representing 80% of the capital of the acquisitions. Having negotiated a purchase of the company, HVPT reached out to 1V1sion Capital to source financial partners who would help purchase Icon and effectuate HVPT's North America acquisition strategy.
  • 1V1sion Capital was able to secure financing in a difficult market environment, with the acquisition of Icon Parking occurring just as NYC's congestion pricing was going to be implemented, representing significant uncertainty for car traffic into the city.
  • In the midst of this uncertainty, 1V1sion worked closely with numerous capital providers to source a unique capital structure comprised of senior secured, senior subordinated, preferred equity and common equity partners to complete the acquisition of Icon Parking and launch the acquisitions platform.

Outcome

  • HVPT, and their partner Broe Group, a multi-billion-dollar, privately-held investment company with holdings in strategic markets across the United States, announced the acquisition of Icon Parking with PGIM providing Senior Secured financing and Senior Subordinated Notes, and Turning Rock Partners providing Preferred Equity.
  • Icon Parking will continue to serve New York City parkers with a growing set of parking garage locations, and Platinum will continue to serve its customers in Texas, Florida and other States.

“Despite a period of significant market uncertainty in the New York City parking market, HVPT's operating history and go-to-market plan combined with Icon Parking's brand recognition and service quality helped to secure strong financial partners for the transaction. Additionally, the acquisition of Platinum bolsters the portfolio and creates immediate value for all partners.”

Patrick Yeghnazar, Founder and Managing Partner, 1V1sion Capital

About 1V1sion Capital

1V1sion Capital, a New York City based boutique advisory firm, provides a wide range of services, including corporate debt and equity capital raises, as well as fund placement, merger and acquisitions advisory services.

About Hudson Valley Parking Trust

Hudson Valley Parking Trust ("HVPT") is a global parking operations and investment platform founded and led by Jerry Skillett and a team of parking veterans and vertical experts that provides parking operations and proprietary parking technology and EV charging solutions to owners and managers of parking assets. With over 130 combined years of experience in the parking industry, HVPT has worked with the most successful companies in the sector and currently manages and owns an extensive portfolio of parking assets.

About The Broe Group

Founded in 1972, The Broe Group is a private, multi-billion-dollar investment group with diversified holdings in real estate, rail, infrastructure, energy, agriculture, water, healthcare and technology throughout 37 North American states and provinces. Its deep operational knowledge derived from owning and operating multi-billion-dollar businesses and the global economic insights gleaned from serving its vast Fortune 500 clientele are strategic differentiators. The Broe Group's entrepreneurial focus enables it to find true value wherever it resides.

About PGIM Private Capital

PGIM Private Capital manages over $100.0 billion of private placements, mezzanine, and direct lending investments. PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), a leading global asset manager, with $1.34 trillion in assets under management.

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.