Arkview Capital Completes Sale of Majority Stake in ICON Parking

Arkview Capital is pleased to announce the sale of a majority stake in Icon Parking, New York City’s largest parking operator, to Hudson Valley Parking Trust (HVPT) and its affiliates. HVPT’s strategic investment is set to support Icon’s future expansion beyond its current 140 parking garages in NYC, positioning the company as a leading player in the parking industry nationwide. Arkview will continue to be an active investor in Icon and retain representation on the Board of Directors.

Value Creation and Operational Excellence

Since acquiring Icon in March 2023, Arkview has accomplished significant value creation milestones that have positioned Icon for scale. Collaborating closely with CEO John Smith, Arkview professionalized the organization by bringing in top talent, including a new CFO, Head of FP&A, and Head of Accounting. These additions revitalized Icon’s finance and accounting functions, leading to the successful completion of the company’s audit and refinancing of its credit facility. The team also invested heavily in digital transformation, enhancing the monetization of the IconGo app. Additionally, Arkview resolved remaining legacy litigation related to the COVID-19 pandemic, re-establishing Icon’s reputation as a trusted partner to real estate owners and developers. As a result, Icon rebuilt its revenue and new location pipeline to the largest level in the company’s history, setting the stage for future success.

“The sale of Icon marks a significant milestone in our journey to accelerate profitable growth following COVID-19 disruptions,” said John Smith, CEO of Icon Parking. “Arkview has been an invaluable partner to me and my team of over 1,000 dedicated employees who work tirelessly to provide the best parking experience to our loyal customers. I’m proud of our growth and success and look forward to expanding Icon’s reach with HVPT.”

New Partnership

Under its new majority ownership, HVPT plans to expand Icon’s platform beyond New York City. Arkview is enthusiastic about partnering with HVPT and supporting their aggressive growth strategy. Additionally, Arkview welcomes Prudential Private Capital (Prudential) as a strategic financing provider to back Icon’s organic and inorganic expansion.

Jerry Skillett, Managing Director of HVPT, commented, “Hudson Valley Parking Trust has a unique approach to scaling parking portfolios, and the Icon platform provides a strong foundation for future growth. We are thrilled to partner with Arkview Capital and Prudential in this exciting venture.”

Julie Langdon, Principal at Prudential Private Capital, added, “Prudential is excited to join forces with Arkview and HVPT. This collaboration will empower Icon to expand its market presence nationwide and advance innovative urban mobility solutions.”

Arkview Capital Co-Founder Joon Chang expressed enthusiasm for the partnership, stating, “Since our investment in 2023, we have built a solid platform with strong momentum to expand nationally. We would like to welcome our new partners on this journey and to drive the next chapter of growth for one of the most recognizable brands in parking.”

Advisors

Arkview was advised by Greenberg Traurig LLP and RSM US LLP. Hudson was advised by Fenwick & West LLP, KPMG LLP, and Marsh USA. Prudential was advised by ArentFox Schiff.

About Arkview Capital

Arkview Capital is a private equity fund backed by the Ziff family office, investing in overlooked opportunities across business services, financial services, and transportation. Arkview provides strategic capital to businesses serving diverse communities, partners with underrepresented founders, and promotes inclusive procurement and supply chains within leading Fortune 1000 companies. For more information, visit www.arkviewcapital.com.

About Hudson Valley Parking Trust

Formed in 2021, Hudson Valley Parking Trust is a global parking acquisition platform led by an executive team of parking veterans. HVPT provides equity capital and management support to dynamic companies in the parking sector globally.

About Prudential

Prudential Financial, Inc., a global financial services leader and premier active global investment manager with approximately $1.4 trillion of assets under management, operates in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help improve lives and create financial opportunities by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com.

About ICON Parking

Founded in 1947, ICON Parking is one of the largest parking management and mobility services providers in New York City and the Tri-State area, offering world-class operations and services across various sectors, including commercial office, hospitality, and healthcare.

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