Turning Rock Partners, a New York-based private investment firm, and Callaway Hudson Partners (CalHudson), a partnership between Hudson Valley Parking Trust (HVPT) and Callaway Capital Management (CCM), have provided growth capital to support CalHudson’s acquisition of ICON Parking.
“Hudson Valley Parking Trust has a unique approach to scaling parking portfolios and the ICON platform provides a strong foundation for future growth,” Maggie Arvedlund, CEO and managing partner of Turning Rock, said. “Parking assets faced challenges during the COVID pandemic with shifting work landscapes but are rebounding in the current environment. The company provides a strong base from which to pursue growth in ancillary markets.”
“Our investment will enable the company to capitalize on a unique market opportunity by acquiring a leading parking operator in New York City, the world’s most dynamic parking market and expand the ICON brand in the coming months,” Jerry Skillett, managing director of HVPT, said.
“We are excited to partner with Jerry Skillett in the next chapter of growth for one of the most recognizable brands in parking,” Joon Chang, a co-founder of Arkview Capital, said. “Since our investment in 2023, we have built a solid platform with strong momentum to expand nationally and welcome our new partners on this journey.”
Turning Rock was advised on the transaction by Akin Gump Strauss Hauer & Feld for legal, BDO USA for tax advisory, Lockton Companies on insurance and Silver Regulatory Associates on ESG/DEI. CalHudson was advised on the transaction by Fenwick & West for legal, KPMG for finance, accounting and tax advisory and Marsh USA on insurance. Arkview was advised by Greenberg Traurig for legal and RSM US for accounting and tax advisory.
