July 25, 2023
ValorBridge Partners (“ValorBridge”) & FINE Parking Group (“FINE”) are pleased to announce FINE’s acquisition of PreFlight Airport Parking’s facility at William P. Hobby Airport in Houston, Texas (“PreFlight Hobby”).
PreFlight Hobby is a 1,400-space multi-story parking garage that is conveniently located next door to FINE’s existing facility at the Houston Hobby airport; the combination of the facilities would establish FINE as the premier off-airport parking operator at Hobby and increase brand presence in the greater Houston market.
“We are excited to announce the addition of another location to our growing portfolio of off-airport parking facilities,” said Chris Amburgy, CEO of FINE. “PreFlight Hobby’s location, being adjacent to FINE’s existing facility at Hobby airport, is a particularly strong strategic fit. Opportunities for shared services, expanded capacity, and operational efficiencies across the facilities provide unique upside, and will ultimately allow the FINE brand to further improve the parking experience for travelers in the Houston area.”
Chris Durham, General Manager of ValorBridge, added, “The acquisition of PreFlight Hobby falls solidly within our thesis for FINE’s expansion; a greater presence in the Houston market will drive customer loyalty as more travelers are able to experience FINE’s stress-free, high-end parking experience.”
Kansas City-based UMB Financial Corporation provided senior debt financing on the acquisition. Terms of the transaction were not disclosed.