In this article, which promotes the Parking Spot and its founder, Martin Nesbitt, Fortune Small Business notes that venture capital firms don’t look as businesses such as off airport parking. But made an exception when the Pritzker group put in $50 million to help Nesbitt start his company in 1997. Macquarie Bank from Australia might be surprised by that as they are the owners of a number of off airport locations, in fact they are the largest such operator in the US having purchased PCA, Avistar, and Sunpark and run 30 facilities in 20 airports covering 40,000 spaces. OK they did mention that PCA is the largest, but made no mention of it being owned by an investment bank. I thought that was what this story was all about — non parking money going in to the parking business.
You would think that a simple Google search would give them the right information. Venture and investment banks have been looking at parking seriously for years. In addition to off airport, Macquarie bought Icon parking in NYC, and Morgan Stanley has purchased (leased, actually) four large facilities from the city of Chicago. A consortium of investment groups is in the process of buying Central Parking, our largest parking operator.
By the way its a good piece on Parking Spot. They have always impressed me as a first class act.
JVH
