Palatine backs growth at NRG Fleet Services
PALATINE Private Equity, the leading mid-market private equity firm, has completed the maiden investment from its fourth buyout fund (Fund IV) with the acquisition of a majority shareholding in NRG Fleet Services Ltd, a fast-growing provider of specialist services to the commercial vehicle sector.
Headquartered in Skelmersdale, Lancashire and operating 10 national technical centres, NRG has annual revenues of £90m and employs 280 people. It comprises two divisions, Riverside Truck Rental and Direct Tyre Management.
Riverside Truck Rental is national provider of fleet management services into the UK waste industry, directly servicing local authority providers and large UK waste management operators. It provides a comprehensive leasing and maintenance service across a suite of specialist vehicles including refuse collection vehicles and road sweepers.
Complementing Palatine’s long-standing commitment to sustainable investment, Riverside has been first-to-market with a new range of electric refuse collection vehicles, helping customers cut their carbon emissions as the UK moves towards net-zero carbon emissions by 2050.
Direct Tyre Management has developed a bespoke software system for HGV fleet owners and operators, providing them with the UK tyre sector’s most advanced, independent web-based management information system, which has proven to deliver significant efficiencies and cost savings.
NRG’s existing shareholders Chairman Sid Sadique and Chief Executive Steve Richardson will be remaining with the business as it continues to scale, exploiting growth opportunities for both Riverside Truck Rental and Direct Tyre Management.
Palatine has further strengthened the management team with the appointment of Steve Dolton as Executive Chairman.
James Winterbottom, Senior Investment Director, at Palatine said: “NRG is a fantastic example of an entrepreneurial business which has seen impressive growth and innovation in its products and services.
“Steve and the rest of the management team at NRG have created a stand out national fleet services business, with a strength in supporting complex fleets. On the back of this investment, we look forward to supporting the team to deliver the many opportunities for value creation that present themselves, including a continued buy and build strategy and the further development of NRG’s services, which includes its strong market position for the delivery of electric vehicles.”
James Winterbottom and Palatine investment director Tom Wildig have joined the board of NRG.