VINCI Park enters the United States market
8 November 2007 - Acquisitions - United States of America
VINCI Park has acquired a 50% partnership stake in LAZ Parking, a company that manages over 225,000 parking spaces throughout the United States.
LAZ Parking, one of the country's largest car park operators, was created in 1981. Based in Hartford, Connecticut, LAZ Parking has significant operations throughout the United States, including such major cities as Boston, New York City, Washington D.C., Atlanta, Miami, Chicago and Dallas. With over 2,000 employees and operations in 77 U.S. cities, LAZ Parking will generate revenue 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 centers, 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.
VINCI Park, Europe's no. 1 car park operator and world leader in the operation of car parks under concession contracts, now manages over 1 million on-street or car park spaces in Europe, North America and Asia.
VINCI is a global player in concessions and contracting, employing close to 211,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s goal is to create long-term value for its customers, shareholders, employees, and partners and for society at large.