PAVE Mobility Reorganizes, Secures Additional Capital to Fuel Growth and Expansion Plans
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. The additional funding will propel PAVE's industry leading enforcement solution with investments in business intelligence, R&D and client success initiatives.
"We are fortunate to have been able to attract high quality investors who believe in PAVE and the future of automated vehicle enforcement. Our technology is fairer and less disruptive to consumers as compared to traditional enforcement options and we look forward to working with our customers and clients to grow the automated enforcement business," said Fred Bredemeyer, CEO of PAVE Mobility. "I'd also like to thank our founders for their leadership and hard work. While the transition to my leadership has been in progress for over a year, PAVE would not exist today without their dedication and their commitment to the development of this company. We very much appreciate their commitment to the continued transition of the business and the ongoing development of the company."
As part of this reorganization and raise, there has been no change in the senior executives or managers of the company with the management team continuing to be led by Fred Bredemeyer as CEO and Ben Hoffman as CTO. In addition, the company has recently hired Tom Hurlbut, the former CFO of Pioneer Lines, Inc., as well as the former controller and interim CFO of Norfolk Southern, to spearhead the company's finance, accounting, and administrative departments.
"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." Right continued, "We would also like to thank the founders for their work bringing the company to its exceptionally strong position today and appreciate their ongoing support of the company in their new roles as non-executive consultants. We look forward to working with the executive team as they continue to drive the growth of the Company."
Terms and investors have not been disclosed. The Beringer Group served as exclusive financial advisor and Akerman LLP served as legal counsel to PAVE. Fried, Frank and McGuireWoods served as legal counsel to USIV.
About PAVE Mobility:
PAVE Mobility is a parking-enforcement solutions provider that offers powerful and user-friendly tools to simplify parking operations. PAVE is leading the transition to frictionless parking with industry-leading parking technology, including a digital parking management system employing License Plate Recognition (LPR) and integrations in more than 450 locations throughout the U.S. PAVE believes that fair parking regulations improve the customer experience and help businesses operate more efficiently.
About US Infravest:
US Infravest Managers L.P. ("USIV") is an independent asset manager, specializing in tactical and opportunistic infrastructure investments in the lower middle market. Founded in 2017 as Related Infrastructure, USIV has a 5-year+ track record investing on behalf of Related Fund Management (a subsidiary of The Related Companies) and a large, $30bn+ value-oriented US-based hedge fund. USIV's US-centric strategy, Tactical Infrastructure Opportunities ("TIO"), targets companies that develop, build, finance, operate and maintain infrastructure and infrastructure related assets. USIV has executed this strategy with 4 investments, two successful exits and over $450mm of exits and invested capital since inception.
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