LAZ Parking Chairman and CEO Alan B. Lazowski announced Tuesday that LAZ has acquired Serco Parking Services, the parking enforcement, and parking meter management services of Serco Inc., a leading public services provider. The deal closed May 1.
Based in Los Angeles, CA, Serco Parking Services works exclusively with government agencies. It is the largest private provider of outsourced on-street parking enforcement and meter management solutions in the U.S. Services include parking enforcement, collection and maintenance of parking meters, and traffic control. Muhammad Mansoor
, a highly respected and experienced professional in the industry, especially within the California market, heads Serco Parking Services. Serco's current customers include major US Cities including San Francisco, West Hollywood, Inglewood in California, and Montgomery County in Maryland. Mansoor and his leadership team have a combined 165 years of experience in the parking industry and are among the 230 Serco employees joining LAZ as part of the deal.
"Bringing Serco Parking Services under the LAZ umbrella reaffirms LAZ’s position as one of the premier parking management services in the nation," Lazowski said. "It expands our meter and parking enforcement business, especially on the West Coast. But this deal is about more than acquiring new contracts. It's about acquiring talent and expertise. With the continued involvement of Muhammad and his team, this will be a seamless transition."
The acquisition increases the number of metered spaces LAZ manages nationally by 40,000 and brings total meter revenue collected annually to nearly $300 million, more than doubling the amount collected by LAZ previously.
The purchase also creates significant opportunities to grow existing business lines and expand geographically. Drexel Hamilton, LLC
, a 100 percent veteran-owned investment bank, provided acquisition assistance.
Serco recognized that our parking services will have much better growth opportunities with a company that specializes in parking,” said David Cummins
, Senior Vice President at Serco Inc. “To our employees joining LAZ Parking, we are pleased that you are joining one of the largest and fastest-growing parking companies. We want to thank you for all your dedicated and hard work over the years and wish you all the best as you start your new chapter with LAZ Parking."