GB & Partners has acquired a majority stake in Parking Revenue Recovery Services Inc, a provider of parking enforcement and revenue collections services. No financial terms were disclosed.
DENVER, Aug. 3, 2021 /PRNewswire/ — Parking Revenue Recovery Services (PRRS), Inc., a leader in parking enforcement and revenue collections services, yesterday announced the sale of the company’s majority stock to GB & Partners Investment Management. GB & Partners and its portfolio company, Asura Technologies, own the majority share in PRRS. With this injection of new capital, PRRS is set to accelerate momentum under the new ownership and further advance its mission within the parking industry.
The acquisition strengthens the strategic partnership of PRRS’s 20 years of unique parking enforcement and collections expertise, with Asura’s video analytic systems and AI-based license plate recognition software. PRRS and Asura previously brought ARC System to the market—a parking enforcement automation system using video analytics technology to register parking vehicles and automatically match parking payment data. The ARC System omits the need for gates or barriers to obstruct traffic flow in and out of parking lots. ARC360, a product expansion option, is a collection of services that cover the full spectrum of parking enforcement, citation management, and collection services.
ARC is already active on dozens of parking sites across five U.S. cities. To meet the extreme growth demand, the transaction with GB & Partners includes a deal to provide funding for new ARC and ARC360 installations in hundreds of North American parking operations, making PRRS with ARC the critical player in parking revenue collection and enforcement.
“I’m excited for our deal and look forward to this extremely exciting partnership. Backed by the expertise and resources of GB & Partners and working alongside Asura Technologies positions PRRS ARC360 as a leading provider of new services for the future of parking across the country. The industry is changing fast, and this deal puts us in the front of the pack,” said John D. Conway, Co-founder and Chief Business Development Officer at PRRS.
About G&B Partners
G&B Partners is an independent private equity and venture capital fund management firm that specializes in smart city technologies, fashion, fintech, medical technologies and mechanical engineering. As the largest Hungarian-based firm of its kind based on assets, the management boasts a wide range of leadership experience in the fields of PE and venture capital investments/divestitures, M&A transactions, and IPOs, and provides close operational support to investment entities, according to international industry standards.
G&B Partners was granted a total membership of invest Europe in 2019, thus becoming the first Hungarian venture capital firm to receive that honor.