NEW YORK, August 29, 2024–(BUSINESS WIRE)–Arkview Capital (“Arkview” or “we”) is pleased to announce the sale of a majority interest in Icon Parking (“Icon” or the “Company”), the largest parking operator in New York City, to Hudson Valley Parking Trust (“HVPT”) and its subsidiaries. HVPT’s strategic investment will support Icon Parking’s future expansion beyond its 140 parking garages in New York City and establish Icon as a leading player in the nationwide parking sector. Arkview will remain an active investor in the Company and will continue to serve on the Board of Directors.
Value creation and operational excellence
Since acquiring Icon in March 2023, Arkview has achieved significant value creation milestones that have positioned Icon for growth. Working closely with CEO John Smith, Arkview has professionalized the organization and hired top talent to realize the potential of the Icon brand. Key new additions included a new CFO, new Head of FP&A and new Head of Accounting, which overhauled the finance and accounting functions and led to the successful completion of the Company’s audit and refinancing of its credit facility. The team invested heavily in digital transformation to enable better monetization of the IconGo app. In addition, we successfully resolved remaining legacy litigation related to the COVID-19 pandemic and restored Icon’s reputation as a trusted partner for real estate owners and developers. As a result, Icon was able to increase its revenue and new location pipeline to the highest levels in the Company’s history, positioning Icon for future success following this transaction.
“The sale of Icon is an important milestone in our journey to accelerate profitable growth following the disruptions caused by COVID-19,” said John Smith, CEO of Icon Parking. “Arkview has been an invaluable partner to me and my team of over 1,000 dedicated employees who work tirelessly to provide the best parking experience for our loyal customers. I am proud of our growth and success and look forward to expanding Icon’s reach with HVPT.”
New partnership
Under the new majority ownership, HVPT will expand Icon’s platform outside of New York City. Arkview is excited to partner with HVPT and support their aggressive growth plan. We also welcome Prudential Private Capital (“Prudential”) as a strategic financing provider to support our organic and inorganic expansion.
Jerry Skillett, Managing Director of HVPT, commented: “Hudson Valley Parking Trust has a unique approach to scaling parking portfolios and the Icon platform provides a solid foundation for future growth. We are delighted to partner with Arkview Capital and Prudential on this exciting venture.”
Julie Langdon, Principal at Prudential Private Capital, added: “Prudential is excited to join forces with Arkview and HVPT. This collaboration will enable Icon to expand its market presence nationwide and advance innovative solutions for urban mobility.”
Joon Chang, co-founder of Arkview Capital, expressed his excitement about the partnership, saying: “Since our investment in 2023, we have built a solid platform with strong momentum for national expansion. We would like to welcome our new partners on this journey and drive the next chapter of growth for one of the most recognized brands in the parking space.”
Advisor
Arkview was advised by Greenberg Traurig LLP and RSM US LLP. Hudson was advised by Fenwick & West LLP, KPMG LLP and Marsh USA. Prudential was advised by ArentFox Schiff.
About Arkview Capital
Arkview Capital is a private equity fund backed by the Ziff family office that invests in overlooked opportunities in the business services, financial services and transportation sectors. Arkview provides strategic capital to companies serving diverse communities, partners with underrepresented founders and promotes inclusive procurement and supply chains in leading Fortune 1000 companies. For more information, visit www.arkviewcapital.com.
About Hudson Valley Parking Trust
Founded in 2021, Hudson Valley Parking Trust is a global parking acquisition platform led by a leadership team of parking experts. HVPT provides equity and management support to dynamic companies in the parking sector worldwide.
About Prudential
Prudential Financial, Inc. is a global financial services leader and leading active global investment manager with approximately $1.4 trillion in assets under management and offices in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented people help improve lives and open financial opportunity to more people by expanding access to investments, insurance and retirement savings. Prudential’s iconic rock symbol has represented strength, stability, expertise and innovation for nearly 150 years. For more information, visit news.prudential.com.
About ICON Parking
Founded in 1947, ICON Parking is one of the largest providers of parking management and mobility services in New York City and the Tri-State region, providing best-in-class operations and services across multiple sectors including office buildings, hospitality and healthcare.
View original version on businesswire.com: https://www.businesswire.com/news/home/20240828916542/en/
Contacts
Investor information
[email protected]
