The NCP Group (NCP) is delighted to announce that it has been acquired, with
effect from 22 May, from the Cendant Corporation by Parking International for
a total consideration of £820 million.
The Royal Bank of Scotland has arranged the debt finance for Parking International
Ltd, a company formed for the purpose of the acquisition. It is expected that,
subject to regulatory approval, Cinven will be the major shareholder in Parking
International Ltd.
Cinven Limited, established in 1977, is the leading provider in Europe of private
equity for company acquisitions and buy-outs. It has offices in London, Frankfurt
and Paris, employing 30 investment professionals. Since 1995, Cinven has led
buy-outs with a total value in excess of Euro 20 billion. The company draws
its funds from over 100 of the world's leading institutional investors and seeks
to invest only in good quality businesses with strong market positions.
NCP is the leading operator of car parks in the United Kingdom, owning or managing
over 500 car parks across the major cities and towns of the UK. NCP's inventory
of car parks handled over 60 million customer transactions in 2001. The car
park portfolio comprises multi-storey, surface and underground car parks in
urban environments, as well as facilities at 10 UK airports handling more than
11 million customers per annum at the airports alone.
The NCP management has, over the last 3 years, built upon its recognised expertise
in parking as a platform for delivering a wider range of services to local authorities
and commercial property developers. Via this platform, NCP is growing and diversifying
its income streams through partnerships with local authorities and the private
sector in car parks, on-street parking enforcement and other broader parking
and traffic management-related services.
