PORTFOLIO — BUSINESS SERVICES

NRG

NRG Fleet Services Ltd is a provider of specialist services to the commercial vehicle sector.

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Key Facts

Initial investment: 28/09/2020

Sector – Business Services

Fund — Buyout Fund IV

Status — Realised

Investment highlights

  • Appointed experienced chairman, CFO, divisional MD and procurement manager to supplement the existing management team.
  • Completed a re-finance of the business to support future mergers and acquisitions.
  • Completed the separation of the two main divisions (RTR and DTM) of the business to allow for dedicated sales activity and management.
  • Supported the further development of IT systems to drive operational efficiencies and service improvements for clients.
  • Completed acquisition of Tyrewatch, a technology led tyre pressure monitoring business, broadening its service offering and providing significant cross-sell opportunities to its fleet customers.
  • Exited part of the business in 2024 with revenue grow more than 50% since our investment.

Partnership Motivation

NRG is a great example of an entrepreneurial business that has seen impressive growth and innovation in its products and services. Steve and the rest of the management team at NRG have created a standout national fleet services business, with strength in supporting complex fleets.

On the back of the 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.

Darren Powell – CEO of NRG

Darren has over 20 years’ experience within Private Equity, Owner Managed and PLC businesses, leading them through significant change and growth. He loves working with skilled and diligent management teams to deliver a world class customer experience that delivers profitable growth together with stakeholder value.

“Palatine has been an excellent investment partner for us, helping us to grow and become a more sustainable company. We look to the future with confidence and with a clear plan for further growth. The growing relationships with our customers and their operations mean we are also well-placed to support the important transition to net zero emissions.”

Darren Powell
CEO of NRG

Investment Team