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Tampa’s Valet Living sells to San Francisco-based investment firm
Valet Living, a Tampa company that provides amenities for the multifamily housing industry, has a new owner.
GI Partners, a private investment firm in San Francisco, acquired Valet Living from a fund managed by the private equity group of Ares Management Corp. (NYSE:ARES) and Harvest Partners LP. Financial terms were not disclosed.
Valet Living is a 25-year-old company that serves 1.6 million apartment homes in 40 states. The company was founded in 1995 and initially offered trash collection and recycling services at the apartment doorstep. It has broadened its service offering to include turnovers for vacant apartments, maintenance, pet solutions, fitness and other app-enabled resident services.
“I would like to thank the Ares Private Equity team and Harvest Partners for their invaluable support and guidance over the last five years as we grew Valet Living from a doorstep waste management company to a full-service solutions provider that serves communities across the country,” Shawn Handrahan, CEO of Valet Living, said in a news release.
Since Ares and Harvest initially invested in Valet Living in 2015, the company has had double-digit top-line growth, said Matt Cwiertnia, partner and co-head of the Ares Private Equity Group.
GI Partners expects to continue to expand Valet Living’s national footprint both organically and through acquisitions, said Jeff Sheu, managing director of GI Partners.
“We are delighted to partner with Shawn after spending many years watching him and his team build an incredible resident services platform in Valet Living. They have led the creation and growth of an entire industry focused on delivering a better resident, owner, and property manager experience, and we look forward to working with the entire Valet Living team to continue to grow the company’s gold-standard suite of products and services,” said Hoon Cho, managing director and co-head of private equity at GI Partners.
GI Partners has raised more than $23 billion in capital from institutional investors to invest in private equity, real estate and data infrastructure. The private equity team primarily invests in companies in the healthcare, IT infrastructure, services and software sectors.
Harris Williams and Baird served as financial advisors to Valet Living. Deutsche Bank served as financial advisor to GI Partners. Moelis & Company served as financial advisor to Ares and Harvest. Kirkland & Ellis was legal advisor to all three firms.
Steve Peterson
October 2, 2023at7:57 pm
We live Arium in Santa Rosa Beach Florida. Valet Living make the place looks like a tenement.we have beautiful amenities everywhere except in the hallways where Valet Living fails to produce. They are consistently collecting.a monthly fee and giving no service. They and Arium are violating the leases. Instead of valet living they should be called Valet Failure
Christine Devos
August 5, 2022at3:45 pm
I am one of those people who live in an apartment that makes its tenants pay for Valet Living “NO” services. Valet Living wouldn’t make those high profits if it allowed the tenants the chose to use there services or not. In the short time I’ve been forced to pay for their services my trash sat on my front porch for 2 days and twice refused pick up without a clear reason why? Do you guys even bother to check how the company is really doing? Cause in the time I’ve researched this company I found nothing but bad reviews and a whole lot of other people like me who are disgusted with this company and the terrible service they do. I want out of your services but seems I can’t so since I’m forced to pay for services I’m not getting, gives me the right to go to every news channel, website, OSHA, all the head CEO & all who I see fit to know about the health hazards this company is causing in our country. So I’d appreciate if you would make some changes and stop scamming the people out of their hard earned money, but my guess is they wouldn’t know what hard working is since forcing money out of people is how they made their’s