Central Parking
Private Equity-owned Companies in Times Square
100 W 44th St. ; 253 W 47th St.; 332 W 44th St.; 135 W 50th St.
Private equity owners: Kohlberg & Co., Chrysalis Capital Partners and Lubert-Adler Partners.
Owned by private equity since: 2007
Deal value: $903 million.
Employees: 3,800
That parking ticket you just got may have come courtesy of Central Parking, because in addition to managing more than a million parking spaces worldwide the company is the leading privatizer of municipal parking services—including parking meters. Private Equity knows a money-maker when it sees one; earlier this year Nashville-based Central Parking was purchased for just under $1 billion. The Blackstone Group helped on the deal, making nearly $13 million for its advice. Executive officers and “other key employees” of Central Parking received $1.8 million in “transaction bonuses,” and majority owner Monroe Carell got a severance package of more than $10 million (plus an estimated $1.4 million for his shares). Analysts estimate that Carell’s family will net $347 million total from the deal. We’re guessing they can probably skip the parking garage and just valet.
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