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Tampa’s Valet Living sells to San Francisco-based investment firm

Margie Manning

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Valet Living's iPhone app

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.

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