Cinven has received regulatory approval for its acquisition of NCP, a leading UK car parks company. NCP has been acquired from Cendant by Parking International Ltd for a total consideration of GBP820 million. The debt finance for Parking International Ltd, a company formed for the purpose, has been arranged by Royal Bank of Scotland.
NCP now operates 535 car parks in the UK employing over 2,500 people. The company also operates car parks at 10 major UK airports including Heathrow, Gatwick and Birmingham. Recently, NCP broadened its product and service offering through organic business development and acquisitions that have seen it enter into public private partnerships and outsourcing arrangements for on street parking with local authorities.