Turning Rock Partners, Hudson Valley Parking Trust, Callaway Capital and Arkview Capital Provide Growth Investment for the acquisition of ICON Parking
NEW YORK, July 29, 2024 /PRNewswire/ -- Turning Rock Partners ("TRP" or "Turning Rock"), a New York-based private investment firm, and Callaway Hudson Partners ("CalHudson"), a partnership between Hudson Valley Parking Trust ("HVPT") and Callaway Capital Management, LLC ("CCM"), have provided growth capital to support CalHudson's acquisition of ICON Parking ("ICON" or the "Company"). Hudson Valley Parking Trust ("HVPT") is a global parking acquisition platform operated by a team of parking veterans who have a demonstrated track record of portfolio expansion within multistate parking assets. The Company is an established operator of over 140 parking garages in New York, NY with 2 million annual parking transactions and features traditional parking, electric vehicle charging and other parking-related services.
"Hudson Valley Parking Trust has a unique approach to scaling parking portfolios and the ICON platform provides a strong foundation for future growth," said Turning Rock's CEO and Managing Partner Maggie Arvedlund. "Parking assets faced challenges during the COVID pandemic with shifting work landscapes but are rebounding in the current environment. The Company provides a strong base from which to pursue growth in ancillary markets."
"Our investment will enable the Company to capitalize on a unique market opportunity by acquiring a leading parking operator in New York City, the world's most dynamic parking market and expand the ICON brand in the coming months," said Hudson Valley Parking Trust Managing Director Jerry Skillett.
"We are excited to partner with Jerry Skillett in the next chapter of growth for one of the most recognizable brands in parking," said Joon Chang, a co-founder of Arkview Capital. "Since our investment in 2023, we have built a solid platform with strong momentum to expand nationally and welcome our new partners on this journey."
Turning Rock was advised on the transaction by Akin Gump Strauss Hauer & Feld for legal, BDO USA, LLC for tax advisory, Lockton Companies on insurance, and Silver Regulatory Associates LLC on ESG/DEI. CalHudson was advised on the transaction by Fenwick & West LLP for legal, KPMG LLP for finance, accounting and tax advisory and Marsh USA on insurance. Arkview was advised by Greenberg Traurig LLP for legal and RSM US LLP for accounting and tax advisory.
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. For more information, please visit Turning Rock Partners' website: www.turningrockpartners.com. For Turning Rock investor relations, please contact investor@turningrockpartners.com.
About Hudson Valley Parking Trust
Formed in 2021, Hudson Valley Parking Trust is a global parking acquisition platform led by an executive team of parking veterans that provides equity capital and management support to dynamic companies in the parking sector, globally. With over 130 combined years of experience, HVPT has managed and led many of the most successful companies in the parking sector.
About Callaway Capital Management
Founded in 2013 by Daniel Freifeld, Callaway Capital Management ("CCM"), LLC is a Nashville-based asset management and private investment firm that provides equity capital and strategic resources in support of dynamic companies and management teams.
About Arkview Capital
Arkview Capital is a private equity fund backed by the Ziff family office that invests in overlooked opportunities across business services, financial services, and transportation. Arkview provides strategic capital to businesses serving diverse communities, partners with diverse founders, and promotes diversity within procurement and supply chains of leading Fortune 1000 companies.
About ICON Parking
Founded in 1947, ICON Parking ("ICON") is one of the largest parking management, operating and mobility services providers in New York City and the Tri-State area. Leveraging its 70+ years of experience, ICON provides world-class parking operations, management, and related services to customers and clients through its dedicated operations teams across commercial office, hospitality, municipalities, sports and entertainment, retail, and healthcare verticals, that results in exceptional customer, resident, and tenant parking experiences.