Central Parking System is one of the largest parking management companies in the United States, with operations in more than 250 cities. The company provides parking services for a range of facilities, including office buildings, retail centers, airports, and hospitals. In this article, we will explore the ownership of Central Parking System.
History of Central Parking System
Central Parking System was founded in 1968 by Michael V. McGlothin and was initially named the Parking Company of America. Over the years, the company grew through acquisitions and mergers. In 1988, it merged with Parking Corporation of America to become Central Parking Corporation. In 2007, the company changed its name to Central Parking System.
Ownership of Central Parking System
Central Parking System is a privately held company and is not publicly traded. The company's ownership has changed hands several times over the past few decades. Below are the major owners of Central Parking System over time:
1980s-1990s: R.W. Berg and Goldman Sachs
In the 1980s and 1990s, Central Parking System was owned by R.W. Berg, a private equity firm, and Goldman Sachs. During this time, the company grew rapidly through acquisitions of smaller parking management firms.
2000-2003: Kohlberg Kravis Roberts & Co.
In 2000, Kohlberg Kravis Roberts & Co. (KKR), a private equity firm, acquired Central Parking System for $935 million. KKR invested in the company's growth and expanded its operations into new markets.
2003-2007: Ares Management and The Carlyle Group
In 2003, Ares Management, another private equity firm, and The Carlyle Group, a global investment firm, acquired Central Parking System from KKR for $1.15 billion. The new owners focused on improving the company's operations and finances.
2007-present: Brookfield Infrastructure Partners
In 2007, Central Parking System was acquired by Brookfield Infrastructure Partners, a global infrastructure investment firm, for $1 billion. Brookfield Infrastructure Partners has continued to grow the company's operations and expand its presence in new markets.
Central Parking System has had several owners over its more than 50-year history, but it is currently owned by Brookfield Infrastructure Partners. The company has grown through acquisitions and mergers and is now one of the largest parking management companies in the United States. With its experienced and committed ownership, Central Parking System is poised for continued growth and success in the years to come..