NEW YORK–(BUSINESS WIRE)–Arkview Capital is pleased to announce the sale of a majority stake in Icon Parking, the largest parking operator in New York City, to Hudson Valley Parking Trust and its affiliates. HVPT’s strategic investment will support the future expansion of Icon Parking beyond its 140 parking garages in New York City and will establish Icon as a leading player in the parking sector nationwide. Arkview will remain an active investor in the business and retain representation on the Board of Directors.
Value Creation and Operational Excellence
Since acquiring Icon in March of 2023, Arkview has achieved significant value creation milestones that positioned Icon for scale. Working closely with CEO John Smith, Arkview professionalized the organization, bringing in top talent to capture the potential of the Icon brand. Key additions included a new CFO, Head of FP&A, and Head of Accounting, which revamped the finance and accounting functions and resulted in the successful completion of the Company’s audit and refinancing of its credit facility. The team invested heavily in digital transformation enabling better IconGo app monetization. In addition, we successfully resolved remaining legacy litigation related to the COVID-19 pandemic, re-establishing Icon’s reputation as a trusted partner to real estate owners and developers. As a result, Icon re-built its revenue and new location pipeline to the largest level in the Company’s history, positioning Icon for future success after this transaction.
“The sale of Icon marks a significant milestone in our journey to accelerate profitable growth following COVID-19 disruptions,” said John Smith, CEO of Icon Parking. “Arkview has been an invaluable partner to me and my team of over 1,000 dedicated employees who work tirelessly to provide the best parking experience to our loyal customers. I’m proud of our growth and success and look forward to expanding Icon’s reach with HVPT.”
New Partnership
Under new majority ownership, HVPT will expand Icon’s platform outside of New York City. Arkview is excited to partner with HVPT and support their aggressive growth plan. We also welcome Prudential Private Capital (“Prudential”) as a strategic financing provider to support our organic and inorganic expansion.
Jerry Skillett, Managing Director of HVPT, commented, “Hudson Valley Parking Trust has a unique approach to scaling parking portfolios, and the Icon platform provides a strong foundation for future growth. We are thrilled to partner with Arkview Capital and Prudential in this exciting venture.”
Julie Langdon, Principal at Prudential Private Capital, added, “Prudential is excited to join forces with Arkview and HVPT. This collaboration will empower Icon to expand its market presence nationwide and advance innovative urban mobility solutions.”
Arkview Capital Co-Founder Joon Chang expressed enthusiasm for the partnership, stating, “Since our investment in 2023, we have built a solid platform with strong momentum to expand nationally. We would like to welcome our new partners on this journey and to drive the next chapter of growth for one of the most recognizable brands in parking.”
Advisors
Arkview was advised by Greenberg Traurig LLP and RSM US LLP. Hudson was advised by Fenwick & West LLP, KPMG LLP, and Marsh USA. Prudential was advised by ArentFox Schiff.
About Arkview Capital
Arkview Capital is a private equity fund backed by the Ziff family office that invests in overlooked opportunities across business services, financial services, and transportation. Arkview provides strategic capital to businesses serving diverse communities, partners with underrepresented founders, and promotes inclusive procurement and supply chains within leading Fortune 1000 companies. For more information, visit www.arkviewcapital.com.
About Hudson Valley Parking Trust
Formed in 2021, Hudson Valley Parking Trust is a global parking acquisition platform led by an executive team of parking veterans. HVPT provides equity capital and management support to dynamic companies in the parking sector globally.
About Prudential
Prudential Financial, Inc. a global financial services leader and premier active global investment manager with approximately $1.4 trillion of assets under management, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com.
About ICON Parking
Founded in 1947, ICON Parking is one of the largest parking management and mobility services providers in New York City and the Tri-State area, offering world-class operations and services across various sectors including commercial office, hospitality, and healthcare.
