Close Brothers Corporate Finance is pleased to announce its role advising the management of National Car Parks Limited, the UK’s biggest parking services company, during the £790 million disposal of its traditional car parking business ("NCP") to Macquarie European Infrastructure Fund II.
Close Brothers Corporate Finance was mandated by the management team at a critical stage in the negotiations to represent their interests and advise on the terms of the management package.
The business is to be split between the traditional car parking business and the outsourced services business ("NCP Services"). NCP continues to be the most successful car park operator in the UK, and the acquisition by Macquarie provides the business with a long term ownership structure. NCP Services is already the market leader in outsourced parking services and will also include NCP’s successful bus and coach operations, debt recovery and urban design consultancy. 3i intends to remain principal shareholder in the services business alongside management.
Chris Dobson, Chief Executive of NCP, said:
"Close Brothers Corporate Finance has again demonstrated their value to management, providing invaluable guidance and advice on the structure and terms of the management package. Having Close Brothers Corporate Finance alongside us certainly helped to deliver the best deal for management at the critical stage in the disposal process. I would recommend them to any management team in a similar situation."
Guy Gillett, a Director at Close Brothers Corporate Finance , said:
"Having advised the NCP management team during the sale of the business to 3i in 2005, we were delighted to again be asked to advise them during another rapid and intense process. The results achieved provide evidence of the value of management being well advised in a buy-out situation. We wish both businesses all the best for the future."
For more information regarding this transaction please contact Guy Gillett on +44 (0) 20 7655 3100.