Cinven snaps up NCP for £820m

VENTURE capitalist group Cinven has scored a coup against rival Apax, snapping up National Car Parks with a £820m cash bid.

The deal frees the vendor, US group Cendant, to expand its tourism business in Europe. Airtours, now called MyTravel, and First Choice have been cited by some analysts as possible acquisition targets.

Apax had been seen a front-runner for NCP in recent days. But Cendant said it would unload the business to Parking International, a vehicle specially formed for the deal by Cinven.

Henry Silverman, chairman of the vast company which also owns Avis car rentals, Ramada hotels and Century 21 estate agents, wants to double Cendant's 33,000 stock of holiday cottages, increasing its share of the market from 5% to 10%. Cendant bought NCP for £801m in 1998 and sold the operation's Green Flag roadside recovery business for £260m in 1999.