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3i appoints Mike Jeffries to chair NCP board

Following its recent successful acquisition of National Car Parks (NCP), 3i, Europe's leading private equity company, today announces it has further strengthened the NCP board with the appointment of Mike Jeffries as non-executive Chairman.

An experienced chairman of a number of infrastructure and support services companies, Mike joins the existing management team, led by Bob Mcnaughton, Chief Executive. He currently also is a member of the boards of VT Group, the support services and ship building group, Wembley Stadium and serves as a senior independent director on the board of De La Rue, the world''s largest commercial security printer and papermaker. Previously, Mike gained 30 years of experience at WS Atkins, the professional, technology-based consultancy and support services company, where he held senior positions including Chairman and Chief Executive.


Chris Williams, a 3i Buyouts Director commented on the appointment: "Through our unrivalled network of people and sector experience we were able to introduce Mike as chairman and have great confidence that the business will really benefit from his experience."

Mike Jeffries said: "NCP has a top class management team with the strategic vision and execution abilities to grow the business and I am delighted to begin working with them and with 3i."

Earlier this month, 3i received European Commission approval of its acquisition of NCP in a £555m transaction. At the time of the deal, Bob Mcnaughton commented: "In 3i we have found the perfect partner to take NCP forward. Their experience in the outsourcing sector coupled with their long track record of assisting growth companies gives me great confidence for the future. We are delighted with the outcome of this transaction."

NCP''s continued future growth is being driven by the long term, sustainable increase in car usage, with the on street division in particular benefiting from further decriminalisation of parking offences and a growing trend towards outsourcing by local authorities. The NCP brand, with over 86% consumer recognition, provides a great platform from which to continue to deliver exceptional growth. 

Notes to editors

About 3i
3i is a world leader in private equity and venture capital.  We focus on buyouts, growth capital and venture capital and invest across Europe, in the United States and Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business.  These underpin the value that we deliver to our portfolio and to our shareholders.

3i Buyout Business
The 3i European Buyout Business is a leader in the European mid-market. 3i lead mid-market buyouts up to €1bn using insight from local knowledge, international connections, and sector teams. Managing over €3.5bn invested in over 100 companies across Europe, the business invests in all sectors, with a particular focus on media, healthcare and business support services. Recent investments include NCP - UK - £550m - parking services and traffic management, Keolis - France - €540m - passenger transport, Betapharm - Germany - €300m - pharmaceuticals. Recent successful exits include Westminster Healthcare - UK - €751m, Travelex - UK - foreign exchange services - £1bn, YBR Group - directories - €1.8bn.

3i Infrastructure 
In June 2005, 3i''s infrastructure team invested £150m in I², a joint venture fund initially established by Barclays Private Equity and SG Corporate & Investment Banking.  Following 3i''s investment, the fund reached £450 million, making it the largest equity fund within the secondary PFI market.  The fund, which offers investors access to project companies that benefit from long term government backed low volatility income streams, has built up a portfolio of 29 operating infrastructure projects in the health, education, transport and MOD sectors.

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