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Private equity firm 3i has sold off part of its NCP car parking business to Macquarie Bank, gaining an estimated profit of £ 240million.

This runs counter to claims by private equity groups that when they invest, they are in for the long term.

This is the third time NCP has changed ownership in less than 5 years. 3i bought NCP only 18 months ago.

Philip Jennings commented : “We have seen an expensive pass between 3 private equity firms. This is another clear example of the quick flip style of private equity business.”