27 June 2011 Towne Park Acquires Quality Parking Service of Los Angeles
Today, Towne Park officially announced the acquisition of greater Los Angeles parking management company, Quality Parking Service, Inc. This move brings Towne Park’s west coast presence to over 110 accounts and 1,300 plus associates. The acquisition included considerable event services and commercial parking management accounts.
Quality Parking has established a strong presence and rapport in the greater Los Angeles area with an impressive customer portfolio which complements Towne Park’s. Their extensive commercial parking expertise further balances the combined market presence. With similar cultures, talented and tenured associates, service centralism, and leveraging of best practices, the combined companies will create a stronger base in the Los Angeles market and the entire west coast.
Towne Park’s Founder and current CEO, Jerry B. South, shared this about the Quality Parking Service acquisition:
The addition of Quality Parking to our portfolio of accounts in the greater Los Angeles area gives Towne Park the market position to fuel organic growth in one of the top three cities in the country. In addition to the impressive client list within the Quality portfolio, we could not be more excited about the new teammates who now join the Towne Park family! The talent, alignment and energy of the Quality Parking management team made this acquisition a “no brainer” for Towne Park. Quality Parking founder Ben Akbary has done a magnificent job of developing deep relationships with the Los Angeles business community. Couple that foundation with Towne Park’s support structure and available resources and we will double our collective market share in less than three years, while providing growth and career opportunities for all Towne Park associates.
This is Towne Holdings’ fourth acquisition in five years. Other acquisitions have included Dallas-based MEDiPark Valet Services, Inc. (2005), Mile Hi Valet Service, Inc. of Denver, CO (2008) and, most recently, Overland Park, KS-based Avascend Healthcare Hospitality (2009), launching Towne Park into the healthcare vertical. As a result of the four acquisitions, Towne Park now operates in over 50 markets in 34 states nationwide and serves over 400 accounts including hotels and resorts, healthcare facilities, casinos, and numerous restaurants, residences, entertainment venues, mixed-used complexes, and other locations. Towne Park employs over 6,500 associates nationwide.
As privately held enterprises, Towne Park and Towne Holdings do not disclose financial information about acquisitions or other business matters.
For the complete official press release, click here.