PRIVATE EQUITY OWNED
Metropolis (SP+)
Includes SP Plus, SP+ Corporation, Metropolis Technologies
Parking · Chicago, IL
- PE Firm
- 3L Capital / Eldridge Industries
- Year Acquired
- 2024
An AI parking company bought 4,000 lots and started billing people who were never there.
What They Did
- Metropolis, backed by 3L Capital and Eldridge Industries, acquired SP+ Corporation in 2024 for $1.5 billion, creating the largest parking network in North America
- Replaced human parking attendants with AI-driven license plate recognition technology across more than 4,000 locations
- Class-action lawsuits in Tennessee allege its automated 'violation notices' are designed to confuse drivers and charge unauthorized fines and fees
Since the Acquisition
- Customers report being charged for parking lots they never visited — misread license plates trigger phantom invoices
- Tennessee's Attorney General logged more than 300 complaints, and in January 2026 Metropolis agreed to pay $8.75 million in refunds and free-parking credits to settle deceptive-practices allegations
- The settlement forces basics that were missing: accurate rates posted at every entrance, a 15-minute grace period, and notices that stop dressing up like government bills
Sources
- Tennessee Attorney General Secures Settlement with Metropolis Parking to Stop Deceptive Practices(2026-01-12)
- 4 class action lawsuits filed against garages/parking lots using cameras to identify license plates — WSMV(2024-12-19)
- Metropolis Closes $1.8 Billion Financing and Completes Transformational Take-Private of SP Plus Corporation(2024-05-16)