PAVE Mobility Reorganizes, Secures Additional Capital to Fuel Growth and Expansion Plans
Summary
Company will look to bring proven performance-based services to operators and cities across the country as tech-enabled parking solutions emerge as a growing trendDANIA BEACH, Fla., November 30, 2023--(BUSINESS WIRE)--PAVE Mobility, a parking-enforcement solutions provider that offers powerful and user-friendly tools to simplify parking operations and enforcement, today announced that it has completed a corporate reorganization and capital raise to fund growth and position the company for future expansion. The transaction was led by US Infravest Managers L.P. ("USIV") a NY-based, SEC registered investment advisor with capital provided by several leading institutional investors.With its new structure, capital and ownership base, the company is focused on continuing to enhance its reporting and customer service capabilities and further drive its best-in-class enforcement offering to serve its growing list of customers, sectors, and sites. "PAVE has upgraded vehicle enforcement, and we look forward to supporting Fred, Ben, Tom and the entire team as they continue to grow the business," said Andrew Right, Managing Partner of US Infravest. "We are also very fortunate to be welcoming Tom, who has a demonstrated leadership track record in the financial space and who will be a key member of the team as PAVE continues to innovate and drive value for our parking operators and municipalities." Fried, Frank and McGuireWoods served as legal counsel to USIV.PAVE Mobility is a parking-enforcement solutions provider that offers powerful and user-friendly tools to simplify parking operations.