Mid-market buy-out firm AAC Capital Partners has agreed to acquire NSL Services Group for £120 million.
Mid-market buy-out firm AAC Capital Partners has agreed to acquire NSL Services Group for £120 million.
The deal will see AAC Capital Partners gain a majority stake in NSL while the existing management team will also reinvest in the company. NSL was acquired from the investment firm 3i, which invested in the company in 2005.
Paul Southwell, managing partner at AAC Capital Partners, says: ‘NSL has a strong management team who will be investing alongside us. They have the experience and the strategic vision to broaden the range of services that NSL offers its customers.’
NSL manages street vehicle parking on behalf of UK local authorities, as well as managing car parks and immobilising untaxed vehicles for the DVLA. Founded in 2007, the London-based company employs over 5,000 staff across the UK.
Mark Underwood, NSL CEO, adds: ‘There is a significant opportunity to expand the business over the next few years and AAC’s experience and sector knowledge will be extremely valuable in driving our expansion and assisting our focus on further improvements to our service for existing clients.’
AAC Capital Partners invests in companies with a value between €50-€500 million (£42.2-£420 million) in the consumer, industrial and services sectors. The firm currently has €1.7 billion in funds under management.
