Thu, 23 Sep 2010 | DIVISION SALE
The biggest parking ticket and clamping company in the UK is setting its sights on significant expansion after it was sold by its owners in a £120 million deal.
NSL – which also helps run the London congestion charge – was sold by its owners 3i Group Plc, to rival private equity firm AAC Capital Partners, the former buyout arm of Dutch bank ABN AMRO.
Chief Executive Mark Underwood explained that senior management were planning on reinvesting in the business, which provides 'parking enforcement officers' to more than 50 municipal authorities around the UK. He said that would present "significant opportunity to expand the business over the next few years".
The company currently employs a staff of more than 5,000 and is currently involved in developing a scheme to establish regulated parking, with bays, meters and wardens, in the Arab emirate of Abu Dhabi.
NSL had been part of leading car park company NCP, which was bought by 3i in 2005. 3i subsequently divided the company in two, creating NSL as well as NCP and sold the latter to Australian company Macquarie. The sale of both divisions has rewarded 3i with a sum thought to be in the region of three times the amount it originally invested in the business.
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