NCP to de-merge into two businesses

National Car Parks (NCP), the UKs biggest parking services company, and 3i today announces that it is to de-merge into two separate businesses.
After a period of rapid expansion and development following 3is investment, which has seen the company move successfully into new areas of transport services, accompanied by an 18% increase in the number of employees, the business is to be split between the traditional car parking business (NCP) and the quickly evolving outsourced services business (NCP Services).

NCP Services is already the market leader in outsourced parking services and will also include NCPs successful bus and coach operations, debt recovery and urban design consultancy. This side of NCPs business has grown rapidly since its first contract win in 2000 and continues to do so.

The services company now has a turnover approaching 140m and employs almost 4,000 people. It operates a number of key government contracts across the UK, including recently won contracts for Northern Ireland Roads Service, the Royal Borough of Kensington and Chelsea, and the DVLA. It also runs the UKs biggest parking contract, for Westminster City Council. 3i intends to remain principal shareholder in this business alongside management.

NCP, the iconic brand for UK car parks for over 75 years, continues to be the most successful car park operator in the UK. With 3is involvement it has benefited from considerable capital investment to install technology and keep the business at the forefront of its industry. This business is being acquired by Macquarie European Infrastructure Fund II in a 790m transaction providing NCP with a long term ownership structure.

Chris Williams, 3i Partner who led the transaction said: This is evidence of the material difference private equity involvement can make to a business. NCP, led by an outstanding management team with great vision, has now exceeded expectations in its transition into a leading public sector outsourcing business.

We hadnt planned to make any partial realisation at this stage, but with a business well ahead of its milestones, and strategically attractive to others, the board of NCP decided that Macquaries offer provided the right solution for developing both of the businesses further.

Bob Macnaughton, current NCP Chief Executive, will become NCP Services Chairman. Ian Kavanagh, On Street Director of NCP, becomes NCP Services Chief Executive, and Chris Dobson, Off Street Director of NCP, becomes NCP Chief Executive.

Commenting on the decision to separate the businesses, Bob Macnaughton said: The rationale behind this move is to enable the two companies to better concentrate on their core skills.

NCP Services is a young company, starting in 2000, with an expansion into on-street parking enforcement. Since then, the business has grown rapidly and has broadened it service offering across enforcement, bus and coach operations, debt recovery and back office processing. This business is very firmly positioned as an outsourced service provider for the public sector. This is a rapidly growing market and we have a substantial pipeline of further new business opportunities. The future for the business is very exciting.

3i and NCP were principally advised by Travers Smith, Deloitte and NM Rothschild.
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