Stonepeak has acquired Chicago Parking Meters (CPM), the operator of the city of Chicago’s on-street parking system, from a consortium consisting of Morgan Stanley Infrastructure Partners, Allianz and a wholly owned subsidiary of the Abu Dhabi Investment Authority. Financial terms were not disclosed.
CPM is responsible for the operation, management and maintenance of Chicago’s on-street metered parking system, with more than 38,000 metered parking spaces, including nearly 10,000 in downtown Chicago. Since inception, CPM has invested heavily in upgrading and modernizing the city’s infrastructure, including by installing state-of-the-art electronic pay stations, establishing a 24-hour customer service center and introducing the ParkChicago app.
“On-street parking is a critical component of Chicago’s transportation network, providing an important service for residents, visitors and local businesses,” said Rob Kupchak, senior managing director and head of core
