Dallas-based parking operator Platinum Parking has been acquired by Denver’s The Broe Group in partnership with New York’s Hudson Valley Parking Trust.
The Broe Group said the acquisition expands the partners’ operational reach into 19 new markets across six high-growth states. Terms of the acquisition were not disclosed.
“The acquisition of Platinum Parking provides market expansion into the nation’s highest growth centers, while broadening the reach of a true customer-focused parking network,” Hudson Valley Parking Trust founder Jerry Skillett said in a statement. “We’re redefining the parking experience for our customers and market expansion provides greater opportunities to serve more customers in more markets.”
Second major acquisition in 30 days
Platinum Parking is the group’s second major parking operation acquisition in the past 30 days. The partners previously acquired New York-based ICON Parking on July 22.
According to its website, Platinum Parking started in Dallas in 2000 with a single location. It operates more than 300 facilities in the United States and Canada with over 100,000 parking spaces and more than 500 staff.
The Broe Group said its five decades of real estate acquisition expertise support Hudson Valley Parking Trust’s planned market expansion within the $9.4 billion parking industry.
“Platinum Parking adds complementary operations in strategic markets to create a national parking platform,” The Broe Group Chief Investment Officer Carl Peterson said in a statement. “Our joint venture with Hudson Valley Parking Trust will continue to assess strategic acquisitions and organic growth opportunities.”
Led by Jerry Skillett, Hudson Valley Parking Trust is a global parking platform with a proven record of successful industry acquisitions and asset management. In addition to the July acquisition of ICON Parking, Skillett has extensive experience in large scale parking operations and acquisitions, including constructing and operating national and international parking platforms.
Founded in 1972, The Broe Group is a private, multi-billion-dollar investment group with diversified holdings in real estate, rail, infrastructure, energy, agriculture, water, healthcare, and technology throughout 37 North American states and provinces.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
Inferno's portfolio includes verticals in oil & gas, energy, solar, and the digital world. Now it's added a marketing agency founded in March by a 21-year-old Instagram influencer with 1.7 million followers.
-
Junction—which has built over a dozen Carvana car towers across the U.S.—said that Skyline's fully automated, conveyor-based handling systems "deliver the fastest and most adaptable parking solutions globally." Junction subsidiary Pier 57 plans to bring the Swiss technology to its first project in Fort Worth later this year.
-
Designed by Dallas-based Corgan and named "Project of the Year" by the Regional Hispanic Contractors Association, the new mixed-use parking garage near the Dallas County Courthouse looks pretty striking as is. It will look even more stunning if an envisioned 15-story hotel is built on top.
-
Last month in Sarasota, Florida, the 17th Annual International RoboBoat competition featured 15 university teams from the U.S. Canada, Indonesia, Mexico, Poland, Turkey—and a single high school team from right here in North Texas: the Arlington Martin High School Seals (short for science, engineering, autonomous, learning).
-
Opening this Friday, the exhibition at the Dallas Holocaust and Human Rights Museum offers a pathway to stories centered around "women's labor activism, the fight for suffrage and equal rights, the sexual revolution, and more."
