U.S. Markets close in 3 hrs 59 mins

PE Firm Green Courte to Explore Sale of the Parking Spot

Gillian Tan and Kiel Porter

(Bloomberg) -- Green Courte Partners, a Chicago-based private equity firm that invests in real estate, is considering selling the Parking Spot, a provider of airport parking and shuttle services, according to people with knowledge of the matter.

The firm is working with Eastdil Secured LLC on an auction for the Parking Spot, said the people, who asked not to be identified because the information is private. The Chicago-based company is expected to draw interest from real estate and infrastructure investment firms, they said.

No decision has been made and Green Courte could opt to keep the business, they said.

A representative for Eastdil declined to comment. Representatives for Green Courte and the Parking Spot didn’t respond to requests for comment.

Green Courte considered selling the Parking Spot in 2017, when it was valued at as much as $1.5 billion, people familiar with the matter said at the time. It’s not clear how much it is worth today.

Green Courte bought the company in 2011 for an undisclosed amount, according to a statement.

The Parking Spot, founded in 1998 and known for its colorful shuttle buses, has 39 locations at 23 airports in the U.S., including New York’s LaGuardia Airport and Dallas Fort Worth International Airport, according to its website.

Rivals include Park ’N Fly, an airport parking business in Canada backed by Cheung Kong Holdings Ltd and Cheung Kong Infrastructure Holdings Ltd.

To contact the reporters on this story: Gillian Tan in New York at gtan129@bloomberg.net;Kiel Porter in Chicago at kporter17@bloomberg.net

To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.