PHILADELPHIA & PORTLAND, Maine--(BUSINESS WIRE)--Towne Park (or the “Company”), a leading tech-enabled, multi-service parking and hospitality solutions provider, today announced that it has acquired a majority stake in Unified Parking Partners (“UPP”), a full-service parking management company headquartered in Portland, ME. As part of the transaction, Daniel McNutt, UPP Founder and CEO, will continue to lead UPP. Financial terms of the transaction were not disclosed.
Founded in 2012, UPP brings expertise to every facet of commercial parking management, specializing in the strategic optimization of commercial parking assets. UPP has over 280 locations supported by more than 500 employees, with significant operations along the Eastern Seaboard with a strong footprint in New England and Florida. UPP’s innovative approach to new market penetration in highly desirable, high growth, destination vacation and leisure markets and UPP’s innovative parking revenue optimization strategy has been instrumental in its rapid growth.
This strategic acquisition further expands Towne Park’s commercial parking portfolio, building on its recent acquisition of over 100 commercial parking facilities across the country, and broadens its reach in these new highly desirable markets, further strengthening its industry leading position. Towne Park will provide UPP with additional resources to help scale its innovative business model and revenue management solutions. By leveraging each company’s unique strengths and complementary markets, Towne Park and UPP will enhance their ability to deliver exceptional service and asset value creation for its clients.
“We are thrilled to partner with Dan and the talented team at UPP as we continue to grow our commercial parking portfolio and further expand our revenue optimization capabilities and reach,” said Andrew Kerin, CEO of Towne Park. “Dan has successfully built an innovative parking management and optimization model that is not only scalable but also provides significant opportunity in these high growth markets with evolving demographics, presenting us with tremendous growth opportunities. Their reputation for delivering first-class parking management and revenue optimization solutions aligns with our mission to drive client value and exceptional customer experiences. This partnership will not only enhance our portfolio and penetration in new markets, but also reinforce our commitment to growth and innovation. We are excited to partner with Dan and the entire UPP team to further scale the business and leverage our complementary skills and assets.”
“Joining forces with Towne Park represents a milestone moment for UPP and I’m excited to work with Andrew and the team,” said Daniel McNutt, CEO & Founder of Unified Parking Partners. “We’ve long admired Towne Park and its unparalleled reputation in the industry. The Company’s size, talent, scale and infrastructure will bring a wealth of resources to further support our growth, enable us to capitalize on the exciting opportunities ahead and provide additional opportunities for our team. Our shared values and commitment to excellence will allow us to leverage Towne Park's national presence while continuing to provide the personalized touch that our clients have come to expect.”
Following the transaction, UPP will continue to operate under its brand, maintaining its commitment to local leadership and client relationships while benefiting from the resources and expertise of Towne Park.
Towne Park was represented by Hunton Andrews Kurth LLP as its legal advisor. Piper Sandler acted as financial advisor and Kleinbard LLC acted as legal advisor to UPP.
About Towne Park
Towne Park is the leading tech-enabled, multi-service parking and hospitality solutions provider serving premier hotels, healthcare institutions, residential properties and commercial parking facilities nationwide. Supported by more than 12,000 team members, Towne Park is the only company with a comprehensive suite of parking, mobility and hospitality solutions focused on delivering exceptional experiences from arrival through departure. For 35 years, Towne Park has been committed to providing the best team, the best service and the best solutions that drive revenue and enhance our clients’ brands creating smiles with the millions of guests, patients and visitors we proudly serve. For more information, visit www.townepark.com.
About Unified Parking Partners
Unified Parking Partners is a full-service parking management company with expertise in all aspects of parking. Founded in 2012, UPP is active in nine states along the Eastern Seaboard with over 280 locations and 500+ employees. For 12 years, UPP and it’s 500+ team members have served its clients and customers by driving financial and operational value, and its integrity and proven commitment to keeping pace with ever-changing demands has been the foundation behind the company’s rapid growth.
