Towne Park Announces Strategic Acquisition of CitiPark

Thursday, March 9, 2017 General News
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- Complements Healthcare and Hospitality Services Businesses by Increasing Presence in Key Northeast Markets

ANNAPOLIS, Md., March 8, 2017 /PRNewswire/ -- Towne Park announced today that it has acquired CitiPark, a leading provider

of hospitality and parking solutions for hotels, hospitals and special events with operations in New Jersey, New York and Pennsylvania. Together the companies will offer the most comprehensive healthcare and hospitality services platform in the market, helping clients to build better patient and guest experiences and improve business performance.

The transaction represents a key milestone in Towne Park's strategy to strengthen its position and open new opportunities in large, growing markets in the northeastern U.S. The combination creates the region's largest service network with an on-call event staff that features over 700 associates, enabling Towne Park to respond to the heavy demand periods or special needs of any of the more than 60 portfolio clients it now serves. 

"CitiPark is one of the best-run, fastest-growing parking management companies in the area with a culture similar to ours and a number of high-profile clients," stated Towne Park President and Chief Executive Officer Chuck Heskett. "The deal will expand our base in critical markets and provide an exciting boost to the record organic growth we expect this year, with potential upside from cross-selling and scale synergies."

"Towne Park brings world-class operations quality, unmatched scope and scale with outstanding technical and professional resources, and one of the best training programs in business," added CitiPark President and former owner Clifford Hoinowski. "We will now be able to offer more extensive, more valuable solutions to clients and stronger career opportunities to employees."

The acquisition by Towne Park is its third in the past three months as it continues to increase both its diverse range of services and its service capacity in the hospitality and healthcare industries. Towne Park's portfolio of services is unlocking synergies in the healthcare and hospitality verticals, helping hospitals, hotels and other businesses create new business models, maximize growth opportunities and enhance their brands.

In February, Towne Park announced that it expects record performance in 2017, driven largely by organic growth of its leading hospitality services business as it continues to capitalize on the rapid professionalization of the industry and strong demand for more sophisticated, value-added services. 

About Towne ParkTowne Park is America's leading hospitality and healthcare services company with over 13,000 employees at more than 700 sites nationwide, including approximately 450 hotels and 300 hospitals. We build better guest experiences, touching the lives of over 15 million people every year. For nearly 30 years we have been partnering with some of the most respected corporations in the world, including premiere global hospitality brands and state-of-the-art hospitals, offering a broad array of world-class, high-impact services and solutions. See what happens when you extend your brand and add new services that matter. Deeper connections. Greater efficiencies. Made Simple. Towne Park has been honored as a "Best Run Company," a "Best Place to Work" and frequently been named one of "America's Fastest Growing Companies." For more information on Towne Park, please visit our website at www.townepark.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/towne-park-announces-strategic-acquisition-of-citipark-300420590.html

SOURCE Towne Park



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