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Riverside bolsters Japanese parking lot platform

MAOS is the firm’s third investment in Asia and its first add-on for Shinsouki, a Japanese parking lot operator it acquired last year. The investment was made from its debut Asia fund, which is targeting a $100m final close.

The Riverside Company has acquired MAOS, a Japanese parking lot operator, for an undisclosed amount.

Founded in 1989, MAOS operates a network of parking lots in Tokyo, which includes more than 5,000 spaces. The company also operates a vending machine placing business for use on their lots as well as the lots of other operators.

MAOS will be bolted on to Shinsouki, a Japanese parking lot operator Riverside acquired last February in its first Asian deal. Shinsouki operates more than 3,000 lots in Niigata.

Parking lots: Prime
consolidation targets

Akihiki Masuda, the founder and chief executive officer of MAOS, will retain an executive position at the company. He will also remain as a shareholder. 

Riverside said it will continue to find compatible and strategic add-ons to build the business.

The investment was made out of the firm’s first Asia-focused fund, Riverside Asia Fund I. The fund, which is targeting $100 million, held a first close on $25 million in September 2008.

Riverside focuses on investments in the smaller end of the middle market and typically likes to assume control positions. The firm’s initial focus in Asia will be on the more mature economies of Japan, Korea, Australia and Singapore.

Headquartered in Cleveland, Ohio, Riverside presently has more than $2.7 billion in capital under management and 18 offices globally. This was the firm's fourth acquisition in 2009.