Key Facts
Initial investment: 28/09/2020
Sector: Business Services
Fund: Buyout Fund IV
Status: Current
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 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.
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.
Steve Richardson – Group Managing Director NRG
Steve cut his teeth in the corporate world, working at Michelin, and is now disrupting an “archaic” industry by leveraging data to help customers cut costs and become more efficient. Steve plans to grow the business by 20% a year.
We have been impressed with the Palatine team and their engagement in and understanding of our plans since we first met earlier this year. This is an exciting new chapter for NRG and we are very much looking forward to continuing the successful journey we are on. Our customers and employees will benefit from the transaction as the new investment enables us to further develop our business and continue growing from solid foundations. Through both organic and acquisitive growth, NRG will further enhance its position as the market leader over the coming years.
Non-Executive Director – NRG
