Hartford parking operator LAZ Karp Partners has taken on a fledgling New York equity firm as an investor.
Neither LAZ Karp nor Harvest Partners SCF LP disclosed Tuesday the sum of Harvest’s investment, except to say that Harvest won’t have a controlling interest.
Jay Hegenbart, Harvest’s senior managing director and portfolio manager, cited LAZ’s appeal because it has “demonstrated an ability to consistently grow organically and through acquisitions across a variety of market cycles …’’
LAZ Parking describes itself as the third largest parking operator in the U.S., operating in more than 2,100 locations across 29 states and 265 cities, including its downtown Hartford home base.
Founders Alan Lazowski and Jeff Karp and Senior Executives Michael Harth and Mike Kuziak helm LAZ Parking.
“Harvest Partners SCF offers a unique value proposition to founder-owners who are looking for private equity capital but do not wish to sell control of their business,” Lazowski, who is also chairman and CEO, said in the statement. “We are enthusiastic about our new partnership with HP SCF, and look forward to continuing our plans for growth together.”
There were no investment bankers involved in the transaction.
