Portfolio
NSL
| Sector | Business services |
|---|---|
| Investment type | Buyouts |
| Region | UK |
| Status | Former investment |
Nature of Business
NSL is a market leader in the provision of traffic enforcement and transport management services to local authorities and government agencies in the United Kingdom.
The company was formed in 2007 from the demerger of NCP Group. It focuses on providing outsourced services to the UK Government, UK national Government organisations, as well as operating the world’s largest parking enforcement contract in Abu Dhabi.
Investment Overview
3i originally invested in NSL through the buyout of NCP Group in August 2005. In March 2007, NCP was separated into two businesses: NCP Off Street, a traditional car parking business, which was sold to Macquarie; and NSL, which was retained in 3i's portfolio.
During 3i’s investment period, NSL has successfully grown its market leading share of the UK parking enforcement market with a number of significant contract wins and retentions, including Westminster, Camden, Waltham Forrest and Cambridgeshire. NSL has grown from operating parking enforcement contracts for 25 local authorities in 2005 to today working for 50 local authorities and having two national Government contracts; one for the DVLA and one for Northern Ireland Roads Services, and has grown the number of employees from 2,700 to around 5,000 today.
Under 3i’s stewardship, the business has made significant progress with respect to its BPO offering winning the London Congestion Charging contract (with IBM) as well as the nationwide DVLA contract immobilising untaxed vehicles. NSL has also expanded into the Middle East, winning the world’s largest parking contract in Abu Dhabi, using the expertise the company has built up as the UK’s leading parking manager to bring controlled parking to Abu Dhabi for the first time.
In September 2010, the Board of NSL agreed to sell the business to AAC Capital Partners for an enterprise value of £120 million.
