Network Parking finds a new home and parks itself at L&R.

LOS ANGELES, CA & CLEVELAND, OH – The LA-based L&R Group of Companies and F.C. Parking, Inc., an appendage of Forest City Enterprises, Inc. rooted in Cleveland, Ohio, has completed the acquisition of Network Parking Company. This addition to L&R integrates Network into one of the nation’s largest parking organizations, bringing together five parking companies under one roof: Five Star Parking, System Parking, Inc., WallyPark, Joe’s Auto Parks and Network Parking.

Network brings an additional 90 locations to L&R, creating a company that employs over 5,500 employees in 32 Cities in 20 States from coast to coast. This is the second major acquisition by The L&R Group of Companies this year. Forest City is one of the largest publicly traded real estate development companies in the United States.

This unique acquisition creates a long-term relationship and parking management agreement between two great national companies, making L&R the exclusive parking provider for the majority of the Forest City parking portfolio while creating “one stop” parking solutions for Forest City’s national parking needs. This twenty (20) year deal allows L&R to partner with Forest City on many future developments, while giving Forest City access to L&R’s national real estate portfolio for future growth opportunities. The addition of Network Parking into the L&R Group of Companies creates a stronger presence in many “crossover” cities where Five Star Parking is already operating.

The Ritz-Carlton in Cleveland, just one of the properties Network Parking manages.

“L&R has already invested over $40 million dollars in some of the best parking properties and development sites in Cleveland, Ohio, and has a strategic expansion plan throughout the Midwest and eastern regions of the United States,” says David Damus, Chief Executive Officer of L&R. “Partnering with Forest City is part of our strategic plan to further develop our national presence in the parking industry and will undoubtedly create greater synergistic opportunities for growth and expansion.”

L&R’s business model differentiates itself from other national parking operators, as L&R not only operates parking facilities under its five brand names, but also owns a significant parking real estate portfolio in 12 states. In addition to airport, off-airport, and government contracts, L&R also has a construction division that builds state of the art parking facilities.

L&R will maintain the Network Parking brand name and founder, Joel Cole, will continue his oversight of Network Parking, integrating his management team to expand operations into new parking markets and divisions for L&R for many years to come. In turn, L&R will provide Network with the services of Dreamentia Creative Laboratories, a Los Angeles-based agency (and partner of L&R) that specializes in advertising, marketing and branding.

Dreamentia has been a creative partner of L&R’s since 2005, when it helped the parking monarch win the business of WallyPark.