We advised the seller on the transaction

Davis Polk advised the seller in connection with the management-led buyout of Icon Parking by Icon’s President and CEO John D. Smith and Arkview Capital. Financial terms of the transaction were not disclosed.

Founded in 1947, Icon is the largest minority-owned parking management and mobility services provider in the New York City metropolitan area and one of the largest in the nation, with almost 200 locations.

Arkview Capital is a minority-certified private equity fund focused on investing in diversity-oriented businesses.

The Davis Polk corporate team included partner Leonard Kreynin and associates Malik M. Khalil and Edwin P. Paillant. The tax team included partner Patrick E. Sigmon and associate Liang Zhang. The finance team included partner Meyer C. Dworkin, counsel Benjamin Cheng and associate Emeka Nduka-Eze. The executive compensation team included partner Veronica M. Wissel and associate Justin Alexander Kasprisin. All members of the Davis Polk team are based in the New York office.