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May 5, 2021

LAZ buys parking California meter-management company

HBJ Photo | Steve Laschever Alan Lazowski in LAZ Parking's downtown Hartford headquarters in the Gold Building.
By Liese Klein

Hartford’s LAZ Parking announced Wednesday it bought Los Angeles-based Serco Parking Services, a provider of parking enforcement and parking meter management services to local governments.

The deal closed May 1; terms were not disclosed. The acquisition increases the number of metered spaces LAZ manages nationally by 40,000 and brings total meter revenue collected annually to nearly $300 million, more than doubling the amount LAZ took in prior to the acquisition, according to a company statement.
 
Serco employs 230 people and contracts with cities including San Francisco, West Hollywood and Inglewood, Calif., and Montgomery County, Maryland. The company is the nation’s largest private provider of outsourced on-street parking enforcement and meter management and provides services including parking enforcement, collection and maintenance of parking meters, and traffic control.

“Bringing Serco Parking Services under the LAZ umbrella reaffirms LAZ’s position as one of the premier parking management services in the nation,” said LAZ Parking Chairman and CEO Alan B. Lazowski. “It expands our meter and parking enforcement business, especially on the West Coast.”

Drexel Hamilton provided acquisition assistance on the deal. 
 
 

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