With System Parking, L&R becomes one of the nation’s largest parking organizations.
LOS ANGELES, CA & CHICAGO, IL – LA-based parking conglomerate L&R Group of Companies has turned its company into a parking powerhouse with the acquisition of System Parking, Inc., headquartered in Chicago, Illinois.
L&R’s inclusion of System adds 250 locations and creates a company that employs over 5,000 people in 28 Cities and 17 States from coast to coast. L&R’s business model differentiates itself from other national parking operators, as L&R not only operates parking facilities under its four brand names, but also owns a significant national parking real estate portfolio in 12 states.
With a remarkable airport, off-airport and government contracts division, along with its construction division that builds new state of the art parking facilities, L&R will maintain the System Parking brand name and management team, while expanding System’s ability to enter into airport, off-airport, and government contracts. This feat will enable System to more actively participate in real estate ventures and construction opportunities.
And while they plan to maintain System’s look and feel, L&R will enlist the services of Dreamentia Creative Laboratories, a Los Angeles-based agency and partner of L&R’s who will be tasked with modifying and elevating System’s brand, as well as providing them with a home on the Internet webiverse. In turn, System will allow the L&R Companies to expand its operations into the hotel and hospital parking sectors with a strong market share in Chicago, Illinois.
“This acquisition combines one of the best known brand names in parking for the past 88 years, System Parking, Inc., with one of the largest parking real estate portfolios in the nation, the L&R Group of Companies. The result is a powerful business model of complete vertical integration, and a deeper national platform to service our clients from coast to coast,” said Chief Executive Officer David Damus. “This merger combines two complementary firms to create a new company that will be an innovative industry leader for years to come.”
Damus added, “In addition to expanding and enhancing the traditional parking services that L&R provides, this pairing of System Parking’s strong Hotel and Hospital divisions with Five Star Parking’s Airport/Government Contracts division and WallyPark’s Off-Airport business will create unique synergies in the full range of services that L&R can provide to existing and new clients. Our ability to leverage and cross-market our brand names is a tremendous advantage in the parking industry. The addition of System to the L&R Group of Companies will strengthen L&R’s already strong footing to build a national real estate investment and parking management company that can offer its clients integrated solutions and its employees expanded professional opportunities.”
“The merger with L&R is a transformational event in the 88-year history of System Parking,” said John Phillips, CEO of System Parking. The company will continue to be based at its current location in Chicago, Illinois. System Parking will be a wholly owned division of The L&R Group of Companies.
L&R is a privately held, well-capitalized organization that operates in 20 states. With this acquisition, System Parking will be integrated into one of the nation’s largest parking organizations, which includes Five Star Parking, WallyPark and Joe’s Auto Parks.