Shades of the US Parking industry a decade ago — National Car Parks has been sold to Australia’s Macquarie Bank for $1.5 billion. That’s almost $500 million more than the purchase price just 18 months ago. Plus the seller, and outfit called 3i, is keeping the enforcement and services part of the business. Read all about it here:
Does Macquarie know something we don’t know, or is that just a case of having a lot of money and no place to go? They say that they want parking because it shows "predictable and stable cash flows over the long term." My understanding that these investment banks look for one of two things, cash or real estate that can be turned quickly. In the case of Central Parking, there wasn’t any cash. There appears to be some at NCP.
As an aside, a buddy of mine in the UK was offered a senior position with NCP in the 90’s. He turned it down. Now it seems that the senior staff owns 20% of the company and will divide almost $300,000,000. He is rethinking his decade old decision.
The beat goes on.
JVH
