LAZ Acquires Serco Parking Services

LAZ recently acquired Los Angeles-based Serco Parking Services, the parking enforcement and parking meter management services of Serco Inc. Serco Parking Services works exclusively with government agencies, and is the largest private provider of outsourced on-street parking enforcement and meter management services in the country. Services include parking enforcement, collection and maintenance of parking meters, and traffic control.

Serco’s current customers include major U.S. cities including San Francisco, West Hollywood, Inglewood in California and Montgomery County in Maryland. Muhammad Mansoor heads Serco Parking Services. Mansoor and his leadership team are among the 230 Serco employees joining LAZ as part of the deal.

“(The transaction) expands our meter and parking enforcement business, especially on the West Coast,” says Alan Lazowski, LAZ Parking chairman and CEO. “But this deal is about more than acquiring new contracts. It’s about acquiring talent and expertise. With the continued involvement of Muhammad and his team, this will be a seamless transition.”

The acquisition increases the number of U.S. metered spaces LAZ manages by 40,000 and brings the total meter revenue collected annually to nearly $300 million, more than doubling the amount previously collected by LAZ. The purchase also creates significant opportunities to grow existing business lines and expand geographically.

Drexel Hamilton LLC, a 100 percent veteran-owned investment bank, provided acquisition assistance.