Infinedi Completes $115 Million Investment in LAZ Parking
FOR IMMEDIATE RELEASE
March 11, 2020
New York, NY
Infinedi Partners, LP (“Infinedi”), a private equity firm focused on long-term partnerships with founder-owned businesses, announced today that it completed a $115 million investment in LAZ Parking (“LAZ”).
Headquartered in Hartford, Connecticut, LAZ is the second largest and fastest-growing parking company in the United States and a pioneer in digital parking technology. The company operates across 42 states in 3,700+ locations. Founded in 1981, LAZ has grown to a diversified parking operator with a blue-chip customer base across various end markets including hospitality, commercial, healthcare, airports, transportation, universities, government, retail, events and venues.
Jay Hegenbart, Founder of Infinedi Partners said, “Infinedi Partners is thrilled and humbled by the achievement of this significant milestone. Not only does this accomplishment officially put us on the map, it also serves as a cornerstone for the future growth of our franchise. We are grateful to have the opportunity to partner with high quality individuals like Alan Lazowski and his partners. LAZ Parking’s unique approach to conscious capitalism and commitment to elevating humanity through business is inspiring.”
Prior to establishing Infinedi, Mr. Hegenbart was Senior Managing Director and Portfolio Manager of Harvest Partners, SCF which was founded through a partnership between Mr. Hegenbart and Harvest Partners, LP. While at Harvest Partners, SCF, Mr. Hegenbart successfully raised and deployed a $376 million Fund I.
In 2015, Mr. Hegenbart led Harvest Partners, SCF’s investment in LAZ Parking and joined its Board of Directors. Since that time, he has maintained a close relationship with the Company and has retained a significant personal ownership stake in LAZ Parking outside of Infinedi’s most recent investment.
Carter Harned, Partner at Infinedi, remarked, “We are incredibly pleased to be working with LAZ, which has become a standout in the technology-enabled real estate services market over the last 30 years by focusing on clients, employees and relentless innovation. We look forward to a great partnership with the company and its team.”
“None of this would have been possible without the backing of our network of business owners, who encouraged us from the launch of our firm and went out of their way to help us win. Finally, we are grateful for the strong support of our investors and limited partners, many of whom have invested with us in the past,” Mr. Hegenbart commented.
No bankers were involved in this transaction.
About Infinedi Partners
Infinedi is a private equity firm focused on innovative partnerships with founder-owned businesses and financial entrepreneurs. Based in New York, the firm was founded in March 2018 by Jay Hegenbart. Unlike many traditional private equity firms, Infinedi focuses exclusively on situations where it is the first private equity investor. Additional elements of the strategy include using less financial leverage and having investment durations longer than is typical.
The firm’s approach is solution-based, working with business owners to create tailor-made private equity investments oriented to maximize effectiveness for all stakeholders. Infinedi’s investments are typically control investments with large founder re-investment. Its investors include a diverse group of prominent institutional investors. Many of these organizations have known the principals for decades and have benefitted from their successful track record of investing. Infinedi is actively seeking new investment opportunities.
Visit infinedi.com for more information.
About LAZ Parking
LAZ Parking is the largest, fastest-growing privately owned parking operator in the United States and a pioneer in digital parking technology. Founded in Hartford, Conn., LAZ has been providing best-in-class parking management and transportation services since 1981 and operates over 1.3 million parking spaces in over 3,700 locations in 42 states and 458 cities in the U.S. LAZ is an industry leader in business intelligence, remote monitoring, eCommerce solutions, and Proximity On-Demand Services or “LAZ PODS”. It leverages a national network of parking facilities to offer cutting edge, tech-enabled solutions, that include EV charging, micro warehousing, last-mile logistics, and ghost kitchens, working across the hospitality, commercial, healthcare, airports, transportation, universities, government, retail, events and venues end markets. LAZ is a people first, conscious capitalist company, committed to elevating humanity through business.
Visit lazparking.com for more information.
Contacts
Jay Hegenbart
Infinedi Partners
917-596-4593
jay@infinedi.com
Jeremy Milner
BackBay Communications
401-862-9422
jeremy.milner@backbaycommunications.com