The Parking Spot Becomes First Major Parking Company to Launch Employee Ownership Program
New ownership program gives employees an ownership stake in the company's future.
CHICAGO, ILLINOIS / ACCESS Newswire 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.
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
Richard ‘Dick' Beattie, Star Lawyer in Famed Private-Equity Deals, Dies at 86
Beattie represented KKR in its takeover of RJR Nabisco, a deal immortalized in the book 'Barbarians at the Gate.'
USA Today
5 hours ago
- USA Today
How the House Settlement will reshape Texas A&M athletics
How the House Settlement will reshape Texas A&M athletics It's time for the universities and colleges to back up the Brinks trucks as they get ready to deal with all the financial obligations as a result of the House settlement approval on Friday evening. After years of lawsuits and the rise of NIL in college athletics, regulation is finally being introduced. However, the legal battles are far from over, and precedent-setting cases will likely continue for years. For now, we can examine how this approval, alongside the Texas bill, will shape Texas A&M athletics, particularly with universities now permitted to directly pay athletes. Financial Impact The most significant factor is money. The landmark case, approved by Judge Claudia Wilken, allocates $2.5–$3 billion to former players from 2016–2024 who were unable to benefit from NIL. Additionally, a revenue-sharing model essentially establishes a salary cap, beginning at approximately $20 million for the upcoming season and increasing annually over the next decade. Scholarship & Roster Changes Another major shift is the removal of scholarship limits, replaced by roster restrictions. Texas A&M head football coach Mike Elko has repeatedly highlighted the challenges this presents when shaping a team while awaiting regulatory clarity. These uncertainties complicate roster management as teams prepare for rapid policy implementation. Title IX Implications An unresolved concern is how funding will be allocated across various sports, particularly women's athletics. Even though money is earmarked for women's sports, the exact distribution under the settlement remains unclear. Following their strong season, fans are calling for increased funding for Texas A&M's softball team, led by Coach Trisha Ford. With the sport's popularity on the rise, financial investments may shift in the coming years. Texas A&M's Position Athletic Director Trev Alberts has faced criticism for his early fiscal conservatism, yet he has positioned Texas A&M ahead of the curve. At the annual SEC meetings, Alberts reinforced the university's commitment to expanding scholarships. Current & Future Scholarship Allocations: Overall: 255 → 400+ 255 → 400+ Football: 85 → 105 85 → 105 Men's Basketball: 13 → 15 13 → 15 Women's Basketball: 15 → 15 15 → 15 Baseball: 11.7 → 34 11.7 → 34 Softball: 12 → 25 12 → 25 Men's Track & Field: 12.6 → 45 12.6 → 45 Women's Track & Field: 18 → 45 While changes will impact each university differently, Texas A&M is well-positioned to provide a strong student-athlete experience without cutting sports. However, the future remains uncertain as college athletics enters a new era of free agency, where players may seek better opportunities elsewhere if an opportunity to secure their future financially presents itself. Contact/Follow us @AggiesWire on X (formerly Twitter) and like our page on Facebook to follow ongoing coverage of Texas A&M news, notes and opinions. Follow Jarrett Johnson on X: @whosnextsports1.
Yahoo
6 hours ago
- Yahoo
Meta reportedly in talks to invest billions of dollars in Scale AI
Meta is discussing a multi-billion dollar investment in Scale AI, according to Bloomberg. In fact, the deal value could reportedly exceed $10 billion, making it the largest external AI investment for the Facebook parent company and one of the largest funding events ever for a private company. Scale AI (whose CEO Alexandr Wang is pictured above) provides data labeling services to companies such as Microsoft and OpenAI to help them train their AI models. Much of that labeling work is done by contractors — in fact, the Department of Labor recently dropped its investigation into whether the company was misclassifying and underpaying employees. According to Bloomberg, the company saw $870 million in revenue last year and expects to bring in $2 billion this year. Meta was already an investor in Scale AI's $1 billion Series F, which valued the company at $13.8 billion. Scale AI also built Defense Llama, a large language model designed for military use, on top of Meta's Llama 3.
