LAZ Parking is now the majority stakeholder of Freight Ninja, a provider of truck, trailer and fleet parking management, according to a May 6 press release.
While terms of the deal were not disclosed, the Hartford, Connecticut-based parking operator plans to accelerate Freight Ninja’s growth by providing financial and operational support. LAZ Parking is no stranger to fast growth — it has scaled from 3,000 to 4,000 locations since 2019 and now operates over 1.7 million parking spaces across the U.S. and Canada.
Founded in 2022, Freight Ninja operates a network of 50 leased or managed storage locations with 10,000 parking spots across the U.S., offering around-the-clock security in high-volume freight corridors and logistics hubs.
The two businesses aim to address an ongoing issue for truckers: a scarcity of safe parking.
“We share their vision and see tremendous opportunity to collaborate on the management of truck parking facilities and storage throughout the United States,” said Alan Lazowski, chairman and CEO of LAZ Parking, in the release.
In addition to office services like insurance and accounting, Freight Ninja will also leverage LAZ Parking’s technology, such as a subscription parking solution for monthly parking.
“With their expertise in parking operations and our focus on operating and managing outdoor storage solutions, this partnership is a great step forward in offering safe and reliable parking options,” said John Borsellino, CEO of Freight Ninja, in the release.
LAZ Parking’s investment in Freight Ninja comes on the heels of its majority stake acquisition of FleetLogix, which primarily serves rental car agencies across 37 airports in the U.S. in Canada. LAZ Parking is backed by Argo Infrastructure Partners, an independent fund manager with a long-term approach to infrastructure investing.
