Cinven deal wins regulatory approval

The Cinven-backed £820m MBO of National Car Parks (NCP) was clearedby European antitrust regulators on 16 September. NCP has been acquiredfrom New York based property and travel group Cendant and itsbackers, The Royal Bank of Scotland. The deal was agreed in May, subject to regulatory approval. Cinven ledthe deal and has acquired a majority stake. Royal Bank of Scotlandprovided the debt financing. The clinching of the deal by Cinven follows acompetitive auction, with Apax Partners the chief competitor. NCPemploys over 2,500 staff and has been an industry leader for over 60 years,providing parking facilities across the UK. It now operates 535 car parks,amongst them car parks at ten major UK airports, including Heathrow,Gatwick and Birmingham. Recently NCP has broadened its product andservice offering through organic business development and acquisitionsthat have seen it enter into public-private partnerships and outsourcingarrangements for on-street parking with local authorities. Dick Munton,Jonathan Clarke and Dominic Murphy are coordinating the investment onbehalf of Cinven.

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