AAC sells NSL to ICG's Marston

Kenny Wastell
17 January 2017

Tweet
Facebook
LinkedIn
Google plus
Send to

AAC Capital Partners has sold NSL, a provider of road-traffic-related administrative services, to ICG-backed debt collection business Marston.

The bolt-on acquisition comes five months after ICG backed the management buyout of Marston from Inflexion Private Equity.

According to a statement issued by the trade buyer, both businesses will continue to operate independently within the enlarged group following the deal, with NSL's management team continuing in their roles.

Under AAC's tenure, NSL has focused on securing new contracts in local and central government, health and airports. The business has increased its headcount from 4,400 at the time of the GP's initial investment to 5,300. It also increased its turnover from £146m to £201m between 2010 and 2015, according to publicly available records, while its EBITDA grew from £13.7m to £15.5m over the same period.

AAC also introduced Adam Palser – formerly EMEA business development director at Qinetiq – in February 2015 to replace outgoing CEO Mark Underwood, who left the company in December 2014 to join education group Priory.

Previous funding
NSL was founded in 2007, when 3i spun the company out from portfolio business National Car Parks (NCP). Two years earlier, 3i had acquired an 80% stake in NCP from Cinven for £555m.

AAC then acquired a majority stake in NSL from 3i via a 2010 secondary buyout, in a deal giving the business an enterprise value of £120m.

Company
Headquartered in Slough, near London, NSL is responsible for issuing road traffic penalty notices and licences for taxis and private hire vehicles. It also carries out right-to-work document monitoring for government bodies and corporations.

People
NSL – Adam Palser (CEO).

Advisers
Equity – Travers Smith, Lucie Cawood, Jonathan Cohen, George Weavil, Geraint Steyn, Matthew Powrie, Kathleen Russ, Andrew Gregson, Ben Chivers (legal); Canaccord Genuity (corporate finance); Dow Schofield Watts (corporate finance); Deloitte (M&A, financial due diligence, tax, commercial due diligence, IT due diligence).
Vendor – CMS (legal).