Gates Group LLC, a private equity firm in Mayfield Heights, is preparing to hit the accelerator on its plans to buy automobile parking companies throughout North America after forming a joint venture with Australia’s Babcock & Brown, a multibillion-dollar
global investment and advisory company.
Walter Stuelpe, Gates Group managing partner, said the new joint venture, Babcock & Brown Gates Parking Investments LLC, will have more than $150 million to invest — 50% more than the $100 million of Gates’ predecessor funds.
The partners will invest both debt and equity in the joint venture, which will buy parking companies in the United States and Canada. Those companies will be operated by Imperial Parking Corp., a Vancouver, B.C., parking company with a Philadelphia-based U.S. unit that the joint venture will own. Imperial, which does business under the name Impark, is the largest such company in Canada and the third-largest on the continent.