Mazzone advises FINE Parking Group and ValorBridge Partners on FINE’s acquisition of Preflight Hobby
July 2023 Mazzone & Associates (“Mazzone”) is pleased to announce that it acted as the exclusive financial advisor to FINE Parking Group (“FINE”) and ValorBridge Partners (“ValorBridge”) with respect to FINE’s acquisition of PreFlight Airport Parking’s facility at William P. Hobby Airport in Houston, Texas (“PreFlight Hobby”).
PreFlight Hobby is a 1,400-space multi-story parking garage that is conveniently located next door to FINE’s existing facility at the Houston Hobby airport; the combination of the facilities would establish FINE as the premier off-airport parking operator at Hobby and increase brand presence in the greater Houston market.
“We are excited to announce the addition of another location to our growing portfolio of off-airport parking facilities,” said Chris Amburgy, CEO of FINE. “PreFlight Hobby’s location, being adjacent to FINE’s existing facility at Hobby airport, is a particularly strong strategic fit. Opportunities for shared services, expanded capacity, and operational efficiencies across the facilities provide unique upside, and will ultimately allow the FINE brand to further improve the parking experience for travelers in the Houston area.”
Chris Durham, General Manager of ValorBridge, added, “The acquisition of PreFlight Hobby falls solidly within our thesis for FINE’s expansion; a greater presence in the Houston market will drive customer loyalty as more travelers are able to experience FINE’s stress-free, high-end parking experience. Mazzone has long provided corporate development advisory services across our portfolio, and the attentive service provided throughout this latest acquisition only reiterates the Mazzone team’s expertise in seamlessly executing transactions.”
Kansas City-based UMB Financial Corporation provided senior debt financing on the acquisition. Terms of the transaction were not disclosed.
Dom Mazzone, Managing Director; Dustin Dawson, Vice President; and Ryan Durham, Associate were lead team members on the transaction.
About FINE
FINE Parking Group is the owner and operator of five premium off-airport parking facilities located at Denver International Airport, Tulsa International Airport, and William P. Hobby and George Bush Intercontinental Airports in Houston. FINE’s emphasized focus on the customer experience yields the trust and consistency that has facilitated the growth of a loyal customer base across the Company’s geographies. On-site auto detailing, valet parking, an easy-to-use customer app, and loyalty programs are just a few of the additional resources that the FINE brand is known for.
FINE continues to actively seek opportunities for the acquisition or development of airport and urban parking facilities in markets with favorable and sustainable growth characteristics. Please contact Dustin Dawson at ddawson@mazzoneib.com with any prospective opportunities.
About ValorBridge Partners
ValorBridge Partners is an Atlanta-based private evergreen holding company that owns, operates, and invests in healthcare, financial services, real estate, and industrial supplies and service companies. With a track record spanning over two decades, ValorBridge’s uncommon combination of substantial entrepreneurial, operational, and classic value investing experiences, as well as its long-term orientation as an investor, have positioned the company as a strong partner in providing capital to growing companies. ValorBridge also offers a wealth of strategic guidance and experience gained from successfully growing companies at all stages of the business life cycle.