A fund managed by Ares Management Corporation’s Private Equity Group and Harvest Partners LP have sold Valet Living, a nationally-recognized, full-service amenities provider to the multifamily housing industry, to GI Partners. Terms of the transaction were not disclosed.
Based in Tampa, Florida, Valet Living provides value-added amenity services to more than 1.6 million apartment homes annually across 40 states. Services include doorstep trash collection, turnkey apartment turnover and app-driven on-demand amenity services.
“Since partnering with management to acquire Valet Living in 2015, we are proud to have supported the company during a period of strong double-digit top-line growth, which included both geographic expansion and the expansion of services from doorstep trash collection to turnkey rental unit turnover, front desk concierge, package management, housekeeping, pet walking, fitness classes and more,” said Matt Cwiertnia, partner and co-head of the Ares Private Equity Group. “We would like to thank Harvest Partners for their partnership and we wish the Valet Living team continued success.”
“I want to thank the Ares Private Equity Team and Harvest for their support during the last five years as we expanded our solutions to over 1.6 million homes across the country,” said Shawn Handrahan, CEO of Valet Living. “We are excited for this next phase in the history of our great company and look forward to continuing to deliver exceptional living experiences to the residents of the communities we serve.”
Harris Williams and Baird served as financial advisors to Valet Living. Kirkland & Ellis LLP served as the legal advisor to Valet Living, Ares and Harvest. Moelis & Company served as financial advisor to Ares and Harvest.
