New Parking Company Formed

The TPG investment group has announced that it has formed a new national parking operating company in the US.  The group, formed specifically to fund this parking operations told Parking Today that it currently has offers out to purchase two of the three major parking companies.

When PT contacted the "big three" for comment. Only two returned our calls,, and then on a guarantee of anonymity.

"Any company is for sale at the right price," said one. "However, the price for us is pretty high." The other spoke in a similar vein. "We have our corporate masters, but who knows. If we are approached, we can be bought"

"Our goal is to bring some true consolidation to the parking industry," said TPG spokesman Sumner Goldstone. "The existing companies need some new blood and we are going to give it to them."

The new company, to be named "American Parking Enterprises," will operate over 7000 parking locations in all 50 states and overseas. 

"We have the backing, we have the people, and we have the business model. We will change the face of parking not only in the US, but across Europe, and around the world."

Sources close to the TPG told PT that funding for this venture was coming from an Asian Billionaire, and a consortium of investment banks in the UK, Canada, and the US. "We’re paying cash," Said Goldstone. "Its the interest payments that are killing the big parking companies. We’ll have none of that."

As for the operations, Goldstone said that an offer had been accepted by the Chief Operating Officer of a Major Parking Operator but he couldn’t divulge the name until final compensation details had been hammered out.

Buzz is already circulating through the industry. Owners are concerned that the new company could affect their pricing and begin to gouge. PT was contacted by the Justice Department last night for contact details. They are considering a review of the entire proposal, with an eye to concerns over the beginning of a monopoly.

"We aren’t worried about the Feds," commented Goldstone. "Our lawyers are better than their lawyers, and we have had assurances from some key members of congress that we have full support of the Legislative Branch."

For complete background information on Goldstone and TPG, click here