Harvest Partners SCF LP has made an undisclosed investment in LAZ Karp Partners. Based in Connecticut, LAZ Parking is a provider of parking management solutions.
Harvest Partners SCF, LP (“HP SCF”), the non-control private equity strategy of Harvest Partners, LP, announced today it has made an investment in LAZ Karp Partners (“LAZ Parking”, “LAZ” or the “Company”), a Connecticut-based national provider of parking management services. Terms of the transaction were not disclosed.
LAZ Parking is the third largest parking operator in the United States with operations in over 2,100 locations across 29 states and 265 cities. LAZ offers a vast array of parking services including facility management, billing, collections, maintenance, valet parking and shuttles. The Company works with commercial and residential property owners and managers, government and municipal entities, hotels, universities, hospitals, stadiums and arenas, airports and transit authorities, and retailers and restaurants to provide innovative, best in class, optimal and efficient parking services for its customers. The company is led by founders Alan Lazowski and Jeff Karp and Senior Executives Michael Harth and Mike Kuziak.
“Harvest Partners SCF offers a unique value proposition to founder-owners who are looking for private equity capital but do not wish to sell control of their business,” said Mr. Lazowski, Chairman and CEO of LAZ Parking. “We are enthusiastic about our new partnership with HP SCF, and look forward to continuing our plans for growth together.”
Jay Hegenbart, Senior Managing Director, Portfolio Manager HP SCF added, “We are pleased to be partnering with Alan, Jeff and the rest of the LAZ team. LAZ has demonstrated an ability to consistently grow organically and through acquisitions across a variety of market cycles, and we are very fortunate to be teaming up with LAZ through this proprietary investment.”
Steve Duke and Caldwell Zimmerman also worked on the investment. There were no investment bankers involved in the transaction.
About HP SCF
Harvest Partners SCF is a non-control private equity investor. HP SCF was founded in 2014 and is led by an experienced team of investment professionals who have, collectively, over 100 years of private equity investment experience. For business owners and entrepreneurs that need equity capital, HP SCF can provide flexible equity solutions and all of the resources and expertise of a private equity firm. Unlike traditional private equity, HP SCF allows entrepreneurs to retain control of their business in a structure that allows HP SCF to exit without forcing a future sale of the business. HP SCF is actively seeking new investment opportunities.
About LAZ Parking
LAZ Parking, founded in Hartford, CT in 1981, is one of the largest and fastest growing parking companies in the United States, operating over 850,000,000 parking spaces across the country in over 2,100 locations. With over 35 years of experience providing parking management services, LAZ works seamlessly across a variety of segments including hospitality and valet, office buildings, medical, airport and transportation, campus, government and municipal, retail, events, residential building and shuttle services. Additional information can be found at www.lazparking.com.