New ownership program gives employees an ownership stake in the company's future.
CHICAGO, ILLINOIS / ACCESS Newswire / February 18, 2025 / The Parking Spot, a leading near-airport parking company, today announced the launch of an employee ownership program, providing all team members, from shuttle drivers to corporate leadership, with a financial stake in the company's long-term growth and success. This initiative, supported by KKR, a leading global investment firm, is part of KKR's global effort to expand employee ownership and shared prosperity across its portfolio companies.
The Parking Spot was acquired by KKR in October 2024, marking a new chapter in the company's growth and commitment to its employees. Through this program, employees will receive meaningful financial ownership in the business at no cost to them. This initiative is designed to foster stronger engagement, enhance workplace culture, and drive long-term business success.
"At The Parking Spot, our employees are the foundation of the exceptional service and convenience we provide to travelers across the country," said Tim O'Malley, President and CEO of The Parking Spot. "By giving our team members an ownership stake, we are reinforcing our commitment to their success and financial well-being while ensuring they share in the company's continued growth."
The Parking Spot provides customer-focused parking solutions at major airports nationwide. This program aims to enhance employee engagement, performance, and retention by directly linking the team's contributions to the company's financial success.
KKR has supported the implementation of broad-based employee ownership programs throughout its portfolio based on the belief that this type of broad-based engagement and alignment can drive results in business while driving greater financial inclusion. Since 2011, more than 60 KKR portfolio companies have awarded billions of dollars of total equity value to over 150,000 non-senior management employees.
The initiative at The Parking Spot is another step in this broader effort to empower employees and create long-term value for all stakeholders.
For more information about The Parking Spot and its employee ownership program, visit theparkingspot.com/careers.
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About The Parking Spot
As the nation's leading near-airport parking company, with over 40 locations and more than 2,000 employees, The Parking Spot makes airport travel simple and seamless. Friendly, courteous team members, outstanding value, an unmatched customer service commitment, and an industry-leading Spot Club loyalty program combine to ensure that TPS is the best part of its guests' travel experience. For more information, please visit www.theparkingspot.com, or follow TPS on Instagram @theparkingspotofficial and on Facebook.
Contact Information
Lauren Smith
Brand Marketing Manager
lsmith@theparkingspot.com
SOURCE: The Parking Spot
View the original press release on ACCESS Newswire
