River Associates Acquires Premier Parking
Chattanooga, TN, June 30, 2017
River Associates Investments, LP (“River Associates” or “River”) a longstanding lower-middle market private equity firm based in Chattanooga, TN, announced that it has partnered with management to acquire Premier Parking of Tennessee, LLC (“Premier Parking”). Premier Parking provides parking management solutions for urban, healthcare, hospitality, and mixed-use developments including restaurants, offices, municipal, and special events. The Company’s services include on-site parking management, traffic management, valet and shuttle services, parking enforcement, and parking design and technology consulting services.
Founded in 2001 and based in Nashville, TN, Premier Parking is one of the fastest, organically-growing parking companies in the U.S., quickly becoming ranked among America’s leading companies in the parking industry. Premier Parking successfully operates, manages, and supports a wide range of industries by concentrating on customer service, innovative and forward-thinking solutions, and a technology-focused approach. The company manages over 360 locations in 31 cities, employing more than 1,200 team members.
“It is a significant opportunity for Premier Parking to partner with the like-minded team at River Associates, who value and respect our culture and share our aggressive growth strategy and customer-focused vision for the company,” said Ryan Chapman, CEO of Premier Parking. “My management team and I are delighted to continue to redefine parking management with our partners at River Associates.”
“It is an honor to partner with the dedicated management team at Premier Parking,” said Patten Pettway, Partner at River Associates. “The company is highly attentive to customer experience and focused on innovative ways to improve that experience. Those principles will remain central at Premier Parking while we pursue organic and acquisitive growth strategies in targeted markets.”
River funded the transaction with equity from its seventh investment fund (River VII, L.P.). Financing was provided by NXT Capital and Northstar Capital. River Associates was advised by Bass Berry & Sims. Premier Parking was advised by Butler Snow and The Spartan Group.