NEW YORK, Jan. 31, 2025 /CNW/ – Reimagined Parking (the “Company”), one of the world’s leading tech-powered, people-driven parking solutions provider, today announced the successful completion of a private capital transaction designed to strengthen the Company’s capital structure and support its leading position in the industry and long-term operational objectives.

As a result of the transaction, the Company significantly reduced its Senior Secured Debt through an infusion of new capital from the Company’s existing financial partners and brings the Company under the ownership of a consortium of institutional investment management firms with deep experience in driving financial and operational growth in various industries. The transaction underscores the confidence of the Company’s financial partners in its strategic vision and operational excellence.

Concurrently with the closing, the Company has appointed Rick West, a seasoned executive with over thirty years of experience in the parking industry, as the Chief Executive Officer of the Company. Rick has deep experience as an operator of parking garage businesses such as the Millennium Parking Concession, Central Parking Corporation and Parking Company of America Airports, as well as advising private equity and other private capital investors in connection with acquisitions of, and investments in, parking businesses.

“Today marks a pivotal moment for Reimagined Parking,” said Rick West, “this transaction not only strengthens our financial foundation but also positions us to continue leading the industry in parking management, valet, shuttle ground transportation, and parking technology products and services. We are excited to welcome our investors, whose experience and support will be invaluable as we drive innovation and expand our platform across North America.”

The Company remains committed to delivering exceptional service and innovative solutions to its clients and customers while maintaining uninterrupted operations following the completion of the transaction.