FOR IMMEDIATE RELEASE

December 31, 2021
New York, NY

Infinedi Partners, LP (“Infinedi”), a private equity firm focused on long-term partnerships with founder-owned businesses, announced today that it successfully exited its $115 million investment in LAZ Parking (“LAZ”) with a significant gain.

Headquartered in Hartford, Connecticut, LAZ is the second largest and fastest-growing parking company in the United States and a pioneer in digital parking technology. The company operates across 42 states in 3,700+ locations. Founded in 1981, LAZ has grown to a diversified parking operator with a blue-chip customer base across various end markets including hospitality, commercial, healthcare, airports, transportation, universities, government, retail, events and venues.

Jay Hegenbart, Founder of Infinedi Partners said, “We are very pleased and grateful for the opportunity to provide a very attractive realized return and full-cash exit for our investors. LAZ Parking is one of the finest businesses I have invested in during my years in the industry and its leadership is first-class in every respect. We wish everyone at LAZ the best in their next chapter of growth.”

Prior to establishing Infinedi, Mr. Hegenbart was Senior Managing Director and Portfolio Manager of Harvest Partners, SCF which was founded through a partnership between Mr. Hegenbart and Harvest Partners, LP. While at Harvest Partners, SCF, Mr. Hegenbart successfully raised and deployed a $376 million Fund I.

In 2015, Mr. Hegenbart led Harvest Partners, SCF’s investment in LAZ Parking and joined its Board of Directors. Since that time, he has maintained a close relationship with the Company and had retained a significant personal ownership stake in LAZ Parking outside of the Infinedi Investment. Mr. Hegenbart and Infinedi have fully-exited their ownership in LAZ through this Transaciton.

Carter Harned, Partner at Infinedi, remarked, “LAZ successfully executed on its business plan and despite a challenging time period with the COVID pandemic, grew and generated material value for its customers and shareholders. We were proud to support the team and company during this phase of growth and expect they will have many more similar years in the future.”

Infiendi’s exit was facilitated thorough a long-term investment by Argo Infrastructure Partners .

About Infinedi

Infinedi is a private equity firm focused on innovative partnerships with founder-owned businesses and financial entrepreneurs. Based in New York, the firm was founded in March 2018 by Jay Hegenbart. Unlike many traditional private equity firms, Infinedi focuses exclusively on situations where it is the first private equity investor. Additional elements of the strategy include using less financial leverage and having investment durations longer than is typical.

The firm’s approach is solution-based, working with business owners to create tailor-made private equity investments oriented to maximize effectiveness for all stakeholders. Infinedi’s investments are typically control investments with large founder re-investment. Its investors include a diverse group of prominent institutional investors. Many of these organizations have known the principals for decades and have benefitted from their successful track record of investing. Infinedi is actively seeking new investment opportunities.

Visit infinedi.com for more information.

About LAZ Parking

LAZ Parking is the largest, fastest-growing privately owned parking operator in the United States and a pioneer in digital parking technology. Founded in Hartford, Conn., LAZ has been providing best-in-class parking management and transportation services since 1981 and operates over 1.3 million parking spaces in over 3,700 locations in 42 states and 458 cities in the U.S. LAZ is an industry leader in business intelligence, remote monitoring, eCommerce solutions, and Proximity On-Demand Services or “LAZ PODS”. It leverages a national network of parking facilities to offer cutting edge, tech-enabled solutions, that include EV charging, micro warehousing, last-mile logistics, and ghost kitchens, working across the hospitality, commercial, healthcare, airports, transportation, universities, government, retail, events and venues end markets. LAZ is a people first, conscious capitalist company, committed to elevating humanity through business.

Visit lazparking.com for more information.

Contacts

Jay Hegenbart
Infinedi Partners
917-596-4593
jay@infinedi.com

Jeremy Milner
BackBay Communications
401-862-9422
jeremy.milner@backbaycommunications.com