Business law firm DWF has advised Capita plc on its acquisition of ParkingEye, a provider of technology based car parking services, for an enterprise value of £57.5 million.

ParkingEye is a market leader within its industry and its automatic number plate recognition (ANPR) based management system is used by clients to provide remote enforcement, management information and alerting systems. The technology, which is adaptable across sectors, is designed to ensure that car parks are used by individuals with a legitimate right to use them and allows clients to retain a fair approach to parking charges and cancellations. The business currently provides services to clients such as Aldi, Morrisons and British Land.

Capita plc is acquiring ParkingEye on a cash free, debt free basis. The acquisition will be satisfied in cash of £54.8 million (£23.9 million payable on completion and £30.9 million payable at certain times during the period up to and including February 2014) and the issue of 413,421 ordinary shares of 2 1/15p each in Capita plc ('Consideration Shares') to certain selling shareholders.

Leading the deal for DWF, Paul Pignatelli, corporate partner, commented: "After recently joining DWF, this is our first instruction from Capita plc and we are delighted to be working with the FTSE 100 listed company on this transaction. ParkingEye has synergies with Capita's existing cash-collection and payment processing business and the deal strengthens its current offering, enabling it to offer its clients the benefits of a well-managed car park."

Paul was supported by associate Tom Maxwell and solicitor Gemma Gallagher in the corporate team and tax partner John Toon.

Paul Pindar, Capita chief executive, commented: "This acquisition will allow Capita plc to develop a complete and sophisticated car park management and enforcement business for new and existing clients in leisure, local government, the NHS, education and the retail industry."

Neal Shephard and Chris Hardman, Addleshaw Goddard, acted for the vendors.