Private investment firm GI Partners has acquired Valet Living, the largest amenities provider to the multifamily housing industry in the US, from a fund managed by Ares Management and Harvest Partners.
Valet Living was founded in the doorstep waste and recycling industry and has broadened its service offering to include maintenance, pet solutions, fitness, and other app-enabled resident services.
Founded in 1995 and based in Tampa, Florida, the company has achieved double-digit organic growth every year since its inception and currently performs more than 415 million service events annually across 1.6 million apartment homes in 40 states.
GI Partners’ investment will support Valet Living’s continued innovation and nationwide expansion.
“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,” said Shawn Handrahan, CEO of Valet Living.
“We are also excited to work with GI Partners to accelerate growth at Valet Living and continue to deliver exceptional living experiences to the residents of multifamily communities across the US.”
Hoon Cho, co-head of Private Equity at GI Partners said, “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.”
Deutsche Bank served as financial advisor and Kirkland & Ellis LLP served as legal advisor to GI Partners.