Cinven makes £280 million profit selling NCP to 3i for £555 million |
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Published
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Thu, 14 Jul 2005 01:05
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Car park operator NCP which was owned by the private equity firm Cinven group since 2002 has now been sold to investment firm 3i Group in a deal worth £555m. This deal has given Cinven a profit of £280 million over the investment that it made in the car park operator three years ago.
NCP is the UK's biggest commercial parking operator and manages close to 900 car parks. Recently, it has begun offering wheel clamping and vehicle removal services as well. NCP CEO Bob Macnaughton who will continue to hold onto his position under 3i was optimistic about the firm's future prospects, "NCP has been transformed dramatically in the past three years and we are now providing a much broader range of services to both individuals and private sector customers," he said.
London-based 3i beat the Australian financial services group, Macquarie Bank and the Spanish infrastructure development company, Cintra, in the race to acquire NCP.
Commenting on the acquisition, the head of buyouts at 3i, Johanathan Russell said, "With support from 3i, we are confident that NCP will continue its transformation into a leading public sector outsourcing business. This acquisition is consistent with 3i's strategy of leading buy-outs of up to €1 billion in European growth companies."
NCP is also involved in collecting fines from drivers who flout London's congestion charges. Overall, the NCP manages almost 230,000 on and off-street parking spaces. NCP is looking to transform itself into a company, which provides specialist services including managing traffic in and around the countryside. It is already contracted to 31 regional councils for the same.
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