New partnership plans long-term growth of New York parking giant
NEW YORK, July 22, 2024 /PRNewswire/ — The Broe Group, a multi-billion-dollar, privately-held investment company with holdings in strategic markets across the United States, has joined Hudson Valley Parking Trust to acquire 100% of New York City’s largest parking company, ICON Parking. Led by industry leader Jerry Skillett, Hudson Valley Parking Trust is a global parking platform with a proven record of successful industry acquisitions and asset management. The new collaboration combines The Broe Group’s deep real estate knowledge with Hudson Valley Parking Trust’s extensive parking operational experience.
The acquisition of ICON Parking encompasses more than 150 locations across New York City, producing in excess of two million annual transactions.
“ICON Parking is the industry leader in the top parking market, and we are committed to its long-term success,” said Hudson Valley Parking Trust founder Jerry Skillett. “This new partnership adds strategic resources and relationships to fuel sustained growth.”
The Broe Group’s five decades of real estate acquisition expertise will support Hudson Valley Parking Trust’s planned market expansion for the parking operation. ICON Parking is already the largest parking operator in Manhattan with more than 150 locations across New York City. The new partnership aims to expand on the parking leader’s two million annual transactions.
“Hudson Valley Parking Trust is the premier parking operator, and we are pleased to invest alongside them in a sector adjacent to our core operating real estate platform,” said The Broe Group’s Chief Investment Officer Carl Peterson. “We look forward to growing our new partnership nationally through organic growth and future acquisitions.”
The new partnership became effective July 15, 2024.
About The Broe GroupFounded 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. Its deep operational knowledge derived from owning and operating multi-billion-dollar businesses and the global economic insights gleaned from serving its vast Fortune 500 clientele are strategic differentiators. The Broe Group’s entrepreneurial focus enables it to find true value wherever it resides. For more information, visit broe.com.
About Hudson Valley TrustHudson Valley Parking Trust (“HVPT”) is a global parking operations and investment platform founded and led by Jerry Skillett and a team of parking veterans and vertical experts that provides parking operations and proprietary parking technology and EV charging solutions to owners and managers of parking assets. With over 130 combined years of experience in the parking industry, HVPT has worked with the most successful companies in the sector and currently manages and owns an extensive portfolio of parking assets.
SOURCE The Broe Group
