Hartford-based LAZ Parking on Tuesday acquired a majority stake in a large Canadian parking outfit.
Hartford-based LAZ Parking on Tuesday became North America’s largest parking operator after acquiring a majority stake in a large Canadian parking outfit.
LAZ said it has acquired a 60% interest in INDIGO Park Canada Inc., adding 1,700 employees and more than 1,200 parking areas to its portfolio. The company says it now employs more than 20,000 employees and over 2 million parking spaces in 5,300 locations in the U.S. and Canada.
Financial terms were not disclosed.
The deal gives LAZ more parking locations than the next largest operator
— Santa Monica, California-based Metropolis Parking, which grew to more than 4,000 locations and over 20,000 employees last year.
“I’m just really so proud of the LAZ team members,” LAZ Parking CEO and co-founder Alan Lazowski said. “You can’t do this alone. You need great people around you to do this.”
INDIGO Group, the international parent company of INDIGO Park Canada, owned a 50% stake in LAZ Parking from 2007 until 2021, when LAZ bought out its interest. The companies have continued to collaborate on research and development using LAZ personnel and facilities in Hartford.
“This is like reuniting a family because INDIGO used to own 50% of LAZ in the U.S.,” Lazowski said.
INDIGO Park Canada CEO John Laires and other top management will remain in place following the acquisition, Lazowski said.
“You are only as good as the people you have working with you,” Lazowski said. “We are a people-first company and that is extremely important to us.”
Rapid growth
LAZ Parking has come a long way since three friends — Lazowski, Jeffrey N. Karp and Michael Harth — launched a valet service for a Hartford restaurant in 1981. They were joined by Michael J. Kuziak, now the company's chief operating officer, within a year.
Just over the past four years, the company has grown from 3,500 locations generating about $2 billion in annual managed revenue to 5,300 locations in 44 states and Canada generating about $3 billion in annual managed revenue, Lazowski said.
Over that time, the company has grown from 14,580 employees to more than 20,000.
Tuesday’s announcement marked the third major acquisition for LAZ in as many months.
In May, LAZ announced its acquisition of a majority interest in Freight Ninja, an Illinois-based provider of truck, trailer and fleet parking management services. The company manages 50 outdoor storage facilities for semi-trucks, semi-trailers and equipment across the U.S.
It oversees about 10,000 parking spaces.
In April, LAZ Parking acquired a majority interest in FleetLogix, a fleet management and staffing services provider headquartered in San Diego, California.
Christine Banning, president and CEO of the National Parking Association, confirmed LAZ's new status as the largest parking operator in North America following Tuesday's acquisition.
"It clearly shows the parking industry is growing right now as the economy grows," Banning said.
The parking industry suffered a major decline with the onset of the COVID-19 pandemic but had fully recovered as of the end of 2023, Banning said. Since then, it has been growing at a "significant pace" due to increased personal and business travel, as well as a return to office work in central business districts, she said.
Lazowski said most of his company’s growth has come organically, but acquisitions have been an important tool as well. It has allowed LAZ to leverage its strengths to improve the acquired businesses.
He expects further acquisitions and consolidation in the industry as companies with resources invest in technology and absorb smaller operations.
LAZ Parking has branched into business intelligence, e-commerce, micro-warehousing, last-mile logistics and more.
LAZ expects to launch AI-powered parking monitoring services this fall. Customers will be able to park without buying a ticket or logging in, with their arrival and departure monitored by AI systems.
No matter how big the company gets, LAZ Parking will remain rooted in Hartford, Lazowski said. It is headquartered in downtown’s “Gold Building” office tower and employs over 800 people in the city.
“We are going to continue to grow organically and through acquisitions,” Lazowski said. “The good news is Hartford will always be our headquarters.”
