PHD Equity Partners

Partnering a wide spectrum of growth businesses

Portfolio – Liberty Services

Recent Realised Investment

Liberty Services

Type of Investment


Investment Amount


About the Company

Liberty is a specialist printer supporting the issuing, management and collection of Penalty Charge Notices (PCNs) in the dynamic parking enforcement sector.

The cornerstone of the firm’s impressive growth is the effective bulk mailing of PCNs and other transactional documentation. This has enabled Liberty to establish a dominant position in the parking services market, working for some 60% of the UK’s 52 police forces and 60% of the UK’s 440 local authorities.

Investment Rationale

Liberty’s core printing business is driven by legislation and policy changes towards parking and traffic enforcement. The company has evolved with these legislative changes and is well placed in this market, working with all major service providers including NCP Services (now NSL), Vinci and Apcoa.

Realised Investment Date | January 2014

PHD Equity Partners (“PHD” or the “Fund”) has sold Liberty Services (“Liberty”) to Capita plc. Croydon based Liberty has evolved as a key print solutions provider to both public authorities and private sector businesses, supporting the issuing, management and collection of Penalty Charge Notices (“PCNs”) in the parking enforcement sector.

The sale of Liberty, the first investment by PHD’s maiden equity fund, has delivered a money multiple of 9.2x and a five year IRR of 70.4%.

PHD invested in Liberty in 2008 backing a management team led by Gavin Reddin and Sean O’Riordan to take advantage of growth opportunities in the parking and traffic enforcement market.

Since PHD’s investment, Liberty has grown sales from £6.9m to £10.5m and has delivered a fivefold increase in EBITDA. The business is well placed to continue this impressive record and build on its almost 70 year history.

Philip Price, the PHD partner who sat on the board at Liberty, comments: “We have worked very closely with Gavin Reddin, Sean O’Riordan and their team to transform Liberty over the last 5 years and achieved significant growth. Under our guidance, and with impressive leadership by the management team, we have been able to strengthen the business proposition, deliver growth and facilitate a successful exit. I am extremely proud to be associated with Liberty and delighted that the team’s hard work has resulted in such a positive outcome.”

PHD Equity Partners Contact

Philip Price
Tel: +44 (0)1928 378100

Date of Investment

December 2008

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PHD Equity Partners LLP is authorised and regulated by the Financial Conduct Authority.

PHD Equity Partners LLP is a limited liability partnership incorporated in England and Wales (registered number OC 334491).
Registered Office is 7700 Daresbury Park, Daresbury, Warrington, WA4 4BS.

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