Global investment firm Carlyle closed $750 million in senior secured debt financing for The Parking Spot, a near-airport parking company in the U.S. 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 U.S. 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 since 2011, was founded in 1998 and manages a portfolio of near-airport parking facilities serving U.S. airports. The company has 42 locations at 24 airports and currently has 4 million members in its loyalty membership program.
“Carlyle is delighted to partner with The Parking Spot and support the ongoing success of their business,” Nikola Simic, a managing director on Carlyle’s infrastructure credit team, said. “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,” Tim O’Malley, president and CEO of The Parking Spot, said. “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 Sept. 30, 2023, Carlyle Global Credit manages $150 billion in assets, with more than $4 billion dedicated specifically to the infrastructure credit sector.
