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PRINT THIS PAGE 3i to acquire UK car park operator NCP from Cinven for £555m12/07/2005. Source: AltAssets. 
 European private equity company 3i has agreed to acquire UK parking services and traffic management company NCP for £555m from Cinven, which bought the company from Cendant Corporation in 2002.
NCP manages 900 car parks throughout the country and 230,000 on- and off-street parking spaces. The group has been undertaking steps to become an outsourcing specialist for the public sector, offering a range of both parking and traffic management services. Forecast revenues in the year to December 2005 are £450m with EBITDA of £42m in the same period.
3i is backing the existing management team, led by chief executive Bob Macnaughton. The purchase price includes an element of proceeds from recent property disposals.
3i director Chris Williams said, '3i's track record and relationships in the outsourcing and support services sector enabled us not only to identify NCP at an early stage as an outstanding company with a talented and experienced management team, but also to identify additional growth opportunities going forwards.'
Jonathan Russell, 3i's head of buy-outs, added, '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 €1bn in European growth companies.'
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