Carlyle Provides $750 Million Debt Financing for The Parking Spot
New York, NY – Global investment firm Carlyle (NASDAQ: CG) announced the closing of a $750 million senior secured debt financing for The Parking Spot, the largest near-airport parking company in the United States. The facility will support the refinancing of existing debt associated with a subset of The Parking Spot’s portfolio consisting of 28 near-airport parking facilities located across 18 major US airports in 13 states. Carlyle served as the sole manager, sole structuring agent, and ratings advisor for the transaction.
The Parking Spot, a portfolio company of Green Courte Partners, LLC since 2011, was founded in 1998 and manages a diversified portfolio of near-airport parking facilities serving major US airports. With 42 locations at 24 airports, The Parking Spot is the leading provider of parking in the country and currently has four million members in its loyalty membership program.
“Carlyle is delighted to partner with The Parking Spot and support the ongoing success of their business,” said Nikola Simic, a Managing Director on Carlyle’s Infrastructure Credit team. “Given their impressive track record, we are confident in The Parking Spot's continued expansion in the near-airport parking sector throughout the United States.”
“This transaction will enable The Parking Spot’s continued growth as the market leader in our segment, offering the flexibility and certainty required for our business,” said Tim O’Malley, President and Chief Executive Officer at The Parking Spot. “Carlyle’s investment is a significant milestone for our company, providing us with the capital and strategic support to expand our operations and continue delivering exceptional service to our customers.”
As of September 30, 2023, Carlyle Global Credit manages $150 billion in assets, of which over $4 billion is dedicated specifically to the infrastructure credit sector. Carlyle’s Infrastructure Credit platform is an active provider of directly originated, privately negotiated financing solutions across the capital structure, from investment grade through mezzanine debt. The Infrastructure Credit platform has extensive experience providing credit solutions to companies in the transportation sector, including operators of ports, airports, toll roads, and parking facilities. The team is also active in renewable energy, power, midstream energy, digital infrastructure, social infrastructure, and water & waste sectors.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $382 billion of assets under management as of September 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle.
About The Parking Spot
As the nation's largest near-airport parking company, with 42 convenient locations at 24 major U.S. airports, The Parking Spot makes airport travel simple and seamless. Friendly, courteous team members, outstanding value, an unmatched customer service commitment, and our industry-leading Spot Club loyalty program combine to ensure that The Parking Spot is the best part of our guests' travel experience. For more information, please visit www.theparkingspot.com, or follow The Parking Spot on Twitter @theparkingspot, on Instagram @theparkingspotofficial, and on Facebook.
About Green Courte Partners, LLC
Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, including active adult/independent senior living properties, land-lease communities, near-airport parking facilities, and truck storage properties. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte's goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period. For additional information, please visit Green Courte's website at www.GreenCourtePartners.com.
Kristen Greco Ashton