KKR & Co. is reportedly zeroing in on a $1.4B deal to acquire The Parking Spot, an owner and operator of parking properties close to airports.
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The two companies are in "advanced talks" on the deal, sources close to the transaction told Bloomberg. The acquisition could close in a few weeks, but KKR has not yet finalized the deal and it may still fail, Bloomberg reports.
The Chicago-based parking operator has locations near more than 45 airports, including Midway International Airport and O'Hare International Airport in the Windy City, John F. Kennedy International Airport in New York and San Francisco International Airport. In February, it acquired Park 'N Fly to expand its footprint.
"The acquisition of Park 'N Fly is a defining moment for The Parking Spot," The Parking Spot CEO Tim O'Malley said in a release at the time. "We see many opportunities for continued growth, and we are excited for The Parking Spot's exceptional service to reach more customers across many new markets."
KKR's pursuit of The Parking Spot is the second report this week of major investment dollars chasing parking companies.
On Monday, a joint venture of The Broe Group and Hudson Valley Parking Trust acquired 100% of Dallas-based Platinum Parking for an undisclosed price. The venture added more than 100,000 spaces across 300 locations to its portfolio in a move toward national expansion, The Broe Group’s Chief Investment Officer Carl Peterson said in a LinkedIn post.
"Platinum Parking adds complementary operations in strategic markets to create a national parking platform," Peterson said.
The same partnership purchased New York-based Icon Parking just last month.
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