Towne Park, an Annapolis, Maryland-based provider of outsourced parking management and other specialized hospitality services to the hotel and healthcare industries, received a majority investment from TA Associates.
The amount of the transaction was not disclosed. As part of the deal, existing investor Camden Partners sold its stake in Towne Park, while existing investor HarbourVest Partners re-invested in the company. Towne Park management maintained a significant stake in the company.
In conjunction with the transaction, TA Principals William D. Christ and Jeffrey A. Del Papa and Managing Director Michael S. Berk will join the company’s Board of Directors.
The company intends to use the proceeds and the expertise of Towne Park to grow existing client relationships and pursue additional opportunities.
Founded in 1988 by Jerry South, CEO, Towne Park provides hotels, healthcare facilities and other institutions with parking and other outsourced staffing solutions. Services include valet parking, self-parking, door service, bell service, patient transportation, employee support, concierge, shuttle transport and event services.
The company currently has 8,500 associates serving more than 530 customers in 50 markets across the United States including Four Seasons Hotels & Resorts, Hilton Worldwide, Hyatt Corporation, Loews Hotels & Resorts, Marriott International, Omni Hotels and Resorts, The Ritz-Carlton Hotel Company and Starwood Hotels and Resorts. Representative healthcare clients include Adventist Health System, Allegent Health, Banner Health, St. Luke’s Health System and Tenet Healthcare Corporation.