NCP

Activity
Parking and traffic management services
Acquired
May 2002
Realised
Aug 2005
Sector
Business Services

Business
NCP was acquired in May 2002 from Cendant for €1.2 billion.

NCP is the UK’s leading parking and traffic management services provider. It manages or operates some 220,000 off-street car parking spaces and also provides parking enforcement and other parking and traffic management-related services.

Strategy
Cinven’s strategy was to refocus the company as a parking and traffic management services business. The most fundamental initiatives were to separate the operating company from the property assets by a sale and leaseback transaction and then to widen the portfolio of services which it provided to its clients.

Strong growth allowed Cinven both to reduce the level of debt within the business and to return the majority of the initial equity investment to its investors.

The market-leading off-street operation continued to grow alongside a broader range of related services and market leadership in on-street parking was achieved.

Outcome
NCP was sold in August 2005, achieving a multiple of 2.7x our investment.

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