VINCI Park enters US Market
VINCI Park has acquired a 50% partnership stake in LAZ Parking, a company that manages over 225,000 parking spaces throughout the United States.
This means that VINCI Park, already Europe’s Number One car park operator and world leader in the operation of car parks under concessions contracts, now manages over 1 million parking spaces across Europe, North America and Asia.
One of the USA’s largest car park operators, Hartford-based LAZ Parking was created in 1981. With over 2,000 employees and operations in 77 U.S. cities, the company will generate revenue in excess of $90 million in 2008. LAZ Parking operates 360 car parks under service contracts or long-term leases, in a wide variety of venues: city centres, hotels, universities, hospitals, municipalities and various mixed-use projects.
VINCI Park established a presence in Canada some 10 years ago and now has almost 70,000 spaces under contract in Canada. The new acquisition establishes VINCI Park in the world's largest parking market, where it will partner with one of the premier parking operators, with top-quality management and a successful track record of significant growth.
This transaction is part of VINCI Park's strategy aimed at balancing its operations in high potential markets in Europe and North America. It will enable VINCI Park to support LAZ Parking's growth by giving it the benefit of its internationally recognized experience and the high-quality image it has acquired by providing services to motorists.
November 2007