3i Pulls NCP Auction

3i Group is reported to have pulled the proposed auction of NCP Services, which provides motor vehicle clamping and removal and penalty charge processing services.

3i has decided to take the company off the market after potential bidders failed to offer a high enough price, says the UK's Daily Telegraph. The firm was previously though to want a sale at about Gbp250m (US$505m).

The report adds that interested private equity firms were unable to raise enough debt to fund a deal at the expected price. Montagu, General Atlantic Partners, HBOS and European Capital had all looked at buying the business, it said.

Earlier in the year, 3i sold NCP's car parking business to Macquarie European Infrastructure Fund II for Gbp790m (US$1.5bn).