Wed, 14 Oct 2020 | BUSINESS SALE
Premier Park, a car park management business backed by private equity firm Sovereign, has expanded with the acquisition of Cheshire-based Park Watch.
Park Watch, which was founded in 2012, provides services to private car parks across the North West, managing sites for clients across enterprise, property management and SME.
The deal represents Premier Park’s third acquisition since it was backed by buy and build specialist Sovereign in May 2019. The firm backed Premier Park in order to help it meet increased demand for its services through strategic acquisitions and organic growth.
Its previous Sovereign-backed acquisitions were UK Car Park Management (UKCPM), a leading UK provider of car park management and number plate recognition, and iView, a proprietary software company providing ANPR processing capability across the parking sector.
With the acquisition of Park Watch, Premier Park expands to have over 7,000 UK sites under management, with around 160 staff.
Premier Park Chief Executive Paul Dawson said: "Our business has grown rapidly over the last year and we have fantastic capability which we will continue to develop whilst remaining fully focused on the quality of service we deliver to our clients."
Sovereign Capital Partners director Jonathan Thorne commented: "Premier Park is a high-quality business led by an exceptional management team. Park Watch, like Premier Park, is operating at activity levels close to pre-lockdown and the group is performing well. We look forward to continuing to partner the team as Premier Park seeks new opportunities to grow in what is a fragmented and growth market."
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