AI-powered parking platform Metropolis today announced that it raised $1.7 billion to acquire SP Plus, a provider of parking facility management services, in a combination of equity and debt.
Eldridge Capital and 3L Capital co-led the tranche with participation from BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners, Temasek, Slow Ventures and Assembly Ventures. As a part of the financing, Metropolis will take on $650 million in loans and $1.05 billion in Series C preferred stock financing.
Metropolis will pay roughly $1.5 billion for SP Plus “while retaining significant capital on its balance sheet,” Metropolis co-founder and CEO Alex Israel said in a press release. Prior to the latest fundraise, Metropolis had raised $226 million in total.
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