Travers Smith has bagged a lead advisory role for 3i, acting for the UK private equity house on its £790m sale of National Car Parks (NCP) to Macquarie.
The deal, which was agreed yesterday (14 March), saw Travers advise 3i on the sale, fielding a heavyweight team under private equity partner Phil Sanderson and practice head and 3i relationship partner Chris Hale. Banking partner Andrew Gregson and tax partner Victoria Nicholl also advised on the deal.
Under the terms of the deal, NCP Services – the group’s outsourcing arm, comprising on-street parking enforcement, bus and coach operations and car park management – is retained by 3i. Travers advised NCP Services on its de-merger from the group and its subsequent refinancing.
Australian bank Macquarie was advised on the acquisition by Baker & Mckenzie corporate partner Tim Sheddick, while Freshfields Bruckhaus Deringer advised on equity issues.
Bakers advised Macquarie on an unsuccessful bid for NCP in 2005, when 3i – advised by Osborne Clarke – won the race to acquire the car park operator in a deal worth £555m. Travers advised NCP's management on that deal.
Hale commented: “We had partners involved from all over the firm and it was a busy time. It was a great deal for us and a great deal for 3i, which got a significant return.”
NCP operates over 600 car parks around the UK and currently runs 40 local authority parking contracts.
