West FSI, LLC
2006 to Current
West FSI is Rick West’s entity working with balance sheet investors and their representatives to acquire or develop as a start-up and operationally public and
private parking systems and companies throughout the U.S. Roles vary from asset management, internal operating executive, business strategy, marketing, acquisition, disposition and business
Rick’s experience spans over thirty years working in all sectors of parking including
CBD public on and off street parking, stadium & arenas, hospital, commercial, retail, office, airport and commuter parking. Additional experience includes start-ups and working in related
transportation and real estate sectors. The following highlights reflect the breadth of operating experience.
- Actively serve on the Park Harrisburg asset management team representing the
Pennsylvania Economic Department Financial Authority (“PEDFA”). PEDFA acquired a forty year parking concession from the City of Harrisburg by selling $286 million in tax exempt bonds to make an
upfront payment to the City as the major initiative to assist the City of Harrisburg to exit State receivership. Consortium team included: Guggenheim Securities, Trimont Real Estate Advisors,
West FSI and SP Plus.
- Sourced and advised Kohlberg & Company on the purchase of Central Parking Corporation (closed May
2007). At close, Central was the largest parking company in the United States with operations in 39 U.S. states and 13 countries.
- Active advisory services to the private equity consortium of Kohlberg & Company, Lubert-Adler LP
and Versa Capital Management on their Central Parking investment including the sale of owned properties throughout North America, sourced the buyer of Central’s Canadian operations in 2007 (Vinci),
strategic planning, standardization initiatives, organizational assessment and establishing Central’s national marketing program to drive organic revenue growth. Additionally, worked with
Central senior management on key regional performance, executive mentoring and new business development.
- In February 2010, joined Central Parking full time as Executive Vice President to assist a new CEO to
execute a restructuring plan that concluded with the merger of Central Parking Corporation and Standard Parking Corporation (Nasdaq: SP) on October 2,
- Partial list of West FSI advisory assignments:
- MetLife Real Estate restructuring an owned parking garage portfolio.
- Invesco Real Estate in restructuring a distressed pension fund investment at a major Texas
- Jacoby Development and the Turner Family Foundation on the development of a large airport related
property adjacent to a major Southeast U.S. airport.
- Multiple projects for Green Courte Partners including re-organizing the business of a single occupancy
tenant at a Green Courte owned property located by a major West Coast airport to return the tenant to long term financial health.
- Multiple projects involving buy side, sell side and financing of parking properties including business
Operating Executive Experience
Central Parking Corporation
2010 to 2012
Executive Vice President
- Central Parking Corporation: Central is one of
the largest parking companies in the United States with over $1 billion in managed revenue, fifteen thousand employees and over 2,200 locations in 39 states and Puerto Rico.
- Operational responsibilities include:
Central’s Executive Committee (steering committee of all aspects of the company), acquisitions and dispositions, real estate, Public Private Partnerships (P3’s), New York Region (Central’s
largest), airports, marketing, business development, new initiatives including creating a national pricing and data mining analytics group, joint leadership of Central’s government affairs
- Significant acquisitions and dispositions:
Acquired Focus Point Parking (2010), sold six Manhattan owned properties to Extell Development in 2011 for $165.5 million (US) without brokerage representation and sold fourteen owned properties
located throughout the U.S. to an affiliate of Covered Bridge Ventures (joint venture of Covered Bridge and Och Ziff) in 2012 for $50 million (US). All parking properties sold retained Central as the
parking operations entity under a management or lease back agreement.
- Advisory, due diligence, underwriting and business plan development assignments while at
Central include: Apollo Real Estate’s evaluation of The Parking Spot; Invesco’s strategic disposition options of a parking asset for a pension fund
client; Kohlberg & Company’s evaluation of Parking Company of America Airports, LLC.
- Public Private Partnership projects
including the following: City of Pittsburg on and off street parking privatization with EQT; New Jersey Transit commuter parking privatization with Morgan Stanley Infrastructure Fund; San
Juan Airport privatization including the on airport parking with Macquarie and Ferrovial; Long Beach California new courthouse construction and privatization with Meridiam; Ohio State University on
campus parking privatization with Macquarie and equity from Canadian and Dutch pension funds; City of Harrisburg on and off street privatization with Morgan Stanley Infrastructure Fund and City of
Sacramento on and off street privatization with Morgan Stanley Infrastructure Fund.
- Merger of Central and Standard Parking: On February 29, 2012 Central Parking Corporation and Standard
Parking Corporation (Nasdaq: STAN) signed a definitive merger agreement and, after successfully completing the DOJ regulatory review, the companies merged on October 2, 2012 with Central becoming a
wholly owned subsidiary of Standard. The merger created the largest parking company in North America with over 4,200 locations in 42 states and 26,000 employees. Post-merger, through my
advisory entity West FSI, LLC I continue to provide transition assistance to the merged company.
Parking Company of America Airports, LLC (“PCAA”) 2003 to 2006
Subsidiary of Macquarie Infrastructure Company, NYSE: MIC
(after PCAA acquired the company I co-founded – Airport Satellite Parking in 2003)
Chief Operating Officer
- Arranged the acquisition and recapitalization financing for PCAA’s purchase of Airport Satellite
Parking (aka AviStar) through a $126 million facility covering the combined company’s 20 airport parking locations.
- Consolidated and led the marketing activities of the combined staffs reducing G&A overhead while
accelerating revenue growth.
- Managed PCAA’s first standardization process to streamline operations and build a scalability
- Led the acquisition of multiple additional airport parking locations expanding PCAA’s revenue to $75
million generated from 30 facilities at 20 airports in all regions of the U.S. This included arranging additional financing to fund add-on acquisitions executed from December 2003 through
- As part of selling a company I co-founded (Airport Satellite Parking) to Macquarie’s Global
Infrastructure Funds I and II in 2003 I agreed to stay as COO until scheduling an exit from the company in early 2006.
Airport Satellite Parking, LLC
1996 to 2003
President and Chief Executive Officer
- Co-founded Airport Satellite Parking, LLC (aka AviStar) in 1996 to acquire airport parking properties
in the U.S. Secured equity sponsorship from Kohlberg & Company.
- Developed a value creation plan that included re-branding the acquired locations, establishing
company-wide customer service programs and expanding marketing distribution programs to accelerate revenue growth with Expedia, Orbitz, Continental Airlines, US Airways and other travel
- Launched the first web-based national network of airport parking serving over 50 airports by creating
AirportDiscountParking.com in October 2001 in response to the travel downturn from September 11th.
- Extended the web-based national distribution to business travelers by launching
AirportCorporateParking.com in 2002.
- Increased profit at the acquired facilities from $2.3 million to $8.0 million from 1998 to
- In 2003, sourced the buyer and led the sale of Airport Satellite Parking to Parking Company of America
Airports, LLC (majority owned by Macquarie Bank’s Global Infrastructure Funds I and II) returning $2.70 for each $1.00 invested to Kohlberg’s Fund II.
Kinney System, Inc.
1991 to 1996
Corporate Vice President
- Led four Regional Vice Presidents based in Boston, Philadelphia, Washington DC and Miami managing over
200 properties in ten states. Property types included all classes of urban parking, valet, special event venues, hotels, government, hospitals, colleges and off-airport parking.
- Responsibilities included profit/loss performance, new business development, client relations, union
negotiations, marketing and acquisitions including three regional parking companies headquartered in Massachusetts, Connecticut and Washington DC.
- As Regional VP for Boston in 1991, expanded Kinney from one to four states with over 100 facilities
becoming the largest parking company in New England while improving the region’s negative cash flow to a $2.5 million EBITDA.
- Improved individual location revenue and profits by implementing location specific marketing, pricing
strategies and expense controls.
- Left Kinney System in 1996 to co-found Airport Satellite Parking.
Wescor Parking Systems
1979 to 1991
- Successive responsibility in family parking business including operations, lease and management contract negotiations, employee relations, location marketing,
banking, accounting and legal. Oversaw the successful sale of the Wescor parking equipment subsidiary including its Federal APD distributorship in January 1990.
Present and Past
- Central Parking Corporation (Executive Committee and Board Advisor)
- Parking Data Ventures (joint venture Central Parking, Standard Parking and Mobile Parking)
- Parking Company of America Airports, LLC (subsidiary of Macquarie Infrastructure Company,
- Airport Satellite Parking, LLC (Kohlberg & Company)
Public-to-Private and Public-to-Public
- On the Park Harrisburg asset management team for the Pennsylvania Economic Development Finance
Authority to oversight the management of the City of Harrisburg’s on and off street parking system that secures $286,553,663 of tax exempt issued debt issued in December 2013
- Lead panelist at multiple Parking Industry Exposition (“PIE”) and Park Across America conferences on
Public Private Partnerships including panel guests from the following firms: Morgan Stanley, Macquarie, Wm. Blair Associates, Royal Bank of Scotland (former CFO of the City of Chicago and
current CFO of the Massachusetts Department of Transportation), Allen and Overy, Laz Parking and The Gates Group
- Ongoing participation in:
- IQPC’s Infrastructure Investment Summit
- PEI’s Infrastructure Investor Conference
- InfraAmericas US Transport Conference
- Democratic Governor’s Council meeting on infrastructure
- Maintain active relationships with a wide variety of US and international merger and advisory firms,
law firms with infrastructure and public finance practices, and institutional, pension funds and banks investing in or providing debt for infrastructure projects.
- Recent PPP articles and interviews:
- Infrastructure Investor Magazine October 2013 – Authored an article on how cities can implement
successful PPP’s with a focus on the public to public option and interviewed for a 2nd article in the October issue.
- Infrastructure Investor Magazine December 2012 - Authored an article on U.S. parking PPP and
interviewed for a 2nd article in the December issue.
- Infrastructure Investor Magazine October 2012 – Panelist in a round table interview with senior
executives from Balfour Beatty Infrastructure Partners, Morgan Stanley, Energy Infrastructure Fund and Macquarie Capital (USA).
- National Parking Association
- Board of Directors from 1985
- Executive committee, 1987 to 1991, 2010 to 2012
- Officer and Secretary, 1989 to1991, Nominating Committee 2010 to present
- Co-Chairman 1991 National Convention
- Speaker at numerous NPA conferences and author of numerous trade articles on subjects such as
marketing airport parking, PPP’s, business planning and the future of the parking industry
- International Parking Institute
- Participant in numerous Kohlberg & Company Annual CEO Conferences (current)
- Participant in numerous EQT Annual U.S. Industrial Advisor Conferences (current)
- B.B.A., University of Massachusetts, Amherst, 1979
- Lean Six Sigma Executive Training