Thu, 25 Apr 2024 | BUSINESS SALE
West Lancashire-based fleet hire business NRG Riverside has been sold to specialist private equity investor Astatine Investment Partners, in a deal that provides an exit for its previous private equity owner Palatine.
NRG Riverside, which is based in Skelmersdale, leases and maintains vehicles, including waste collection trucks and tankers, to private and public sector organisations. The firm has a fleet of more than 2,000 vehicles and claims to be the UK’s largest provider of specialist refuse collection vehicles.
Palatine took a majority stake in the group in 2020, separating the business from former sister company Direct Tyre Management (DTM) and appointing new management teams. Since then, NRG’s revenue has increased by more than 50 per cent and it now employs over 220 staff at 10 UK locations.
The value of the acquisition by Astatine has not been disclosed. In its accounts for the year ending September 30 2023, NRG Riverside’s parent company Riverside Truck Rental reported turnover of £70.7 million, up from £62.6 million a year earlier, and pre-tax profits of £7.7 million, up from £5.8 million. The deal does not include DTM, which is still owned by Palatine.
Following the sale, Palatine Senior Investment Director Tom Wildig said that NRG “has grown into the leading provider of contract hire and leasing in the waste market as well as developing new vertical markets of infrastructure and highways.”
Wildig added that the business was “now well positioned to capitalise on compelling market dynamics, including zero emission fleets. "
Darren Powell, CEO of Skelmersdale-based NRG Riverside said: “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.”
“With recent internal promotions to further strengthen our experienced leadership team, we continue to offer the best customer led experience from initial enquiry to vehicle delivery and future renewal. The growing relationships with our customers and their operations mean we are also well-placed to support the important transition to net zero emissions.”
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