Bolt-on acquisition adds 100,000 parking spaces in 19 new markets, creating new national parking platform
DALLAS, Aug. 19, 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 Dallas-based Platinum Parking. The new acquisition expands the parking partners’ operational reach into 19 new markets across six high growth states.
Platinum Parking is the group’s second major parking operation acquisition in the past 30 days. Pairing The Broe Group’s deep real estate knowledge with Hudson Valley Parking Trust’s extensive parking operational experience, the partners previously acquired ICON Parking on July 22, 2024.
“The acquisition of Platinum Parking provides market expansion into the nation’s highest growth centers, while broadening the reach of a true customer-focused parking network,” said Hudson Valley Parking Trust founder Jerry Skillett. “We are redefining the parking experience for our customers and market expansion provides greater opportunities to serve more customers in more markets.”
Platinum Parking adds more than 100,000 spaces in 300 locations. The Broe Group’s five decades of real estate acquisition expertise support Hudson Valley Parking Trust’s planned market expansion within the $9.4 billion parking industry.
“Platinum Parking adds complementary operations in strategic markets to create a national parking platform,” said The Broe Group’s Chief Investment Officer Carl Peterson. “Our joint venture with Hudson Valley Parking Trust will continue to assess strategic acquisitions and organic growth opportunities.”
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. In addition to the July acquisition of ICON Parking, Skillett has extensive experience in large scale parking operations and acquisitions, including constructing and operating national and international parking platforms.
About The Broe Group
Founded 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 Trust
Hudson 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
