Private Equity Is Gobbling Up Parking Firms, Betting Tech Can Drive Value

Metropolis Technologies calls itself an artificial intelligence company, but earlier this year it became the largest operator of parking garages in the United States.

The Los Angeles-based company acquired SP Plus Corp. for $1.5B in May, a deal financed by a group of institutions led by Eldridge Industries, the private equity firm helmed by Los Angeles Dodgers owner Todd Boehly.

It was just the latest move in the rapidly consolidating parking industry, which is drawing more attention than ever from deep-pocketed investors who smell an opportunity to infuse technology into a ubiquitous, but often overlooked, segment of the commercial real estate industry.
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RSK: A few thing going on here. First, parking was a good way to hold onto valuable land....something like outdoor theaters. Secondly there is money to be made...$12.97/half hour? Lastly, technology will make all this work for the larger players.