VINCI Park joins top 10 parking operators in the United States
28 January 2009 - Acquisitions - United States of America
VINCI Park has acquired Ultimate Parking in Boston via its US subsidiary, LAZ Parking.
Ultimate Parking, with a portfolio of over 130 contracts in Boston (MA), Providence (RI) and San Diego (CA) and almost 600 employees, generated revenue of US$20 million in 2008.
Founded in 1988, Ultimate Parking is Boston’s valet parking market leader, providing services to hotels, restaurants and private events.
This acquisition strengthens LAZ Parking’s Hospitality Division, which focuses entirely on hotels, restaurants and events, a niche market specific to the North American parking sector. Upon completion of the acquisition, LAZ Parking will operate car parks at approximately 70 hotels and 200 restaurants across the United States, boosting its already strong reputation in this sector.
To date, LAZ Parking, a 50% owned subsidiary of VINCI Park, operates over 1,000 car parks and 325,000 spaces in 19 states and 90 cities across the US.
VINCI Park is the European market leader and one of the world’s top operators in parking. It now operates 1.2 million parking spaces in Europe and North America.
VINCI is a global player in concessions, energy and construction businesses, employing more than 260,000 people in nearly 120 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, we are committed to operating in an environmentally, socially responsible and ethical 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. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.