NRG Riverside sold by Palatine to new investor

Palatine has sold specialist fleet solutions provider NRG Riverside to Astatine Investment Partners.

Details of the deal between Astatine and Palatine for NRG Riverside, which leases and maintains specialist vehicles such as waste collection trucks, have not been disclosed.

Palatine originally acquired a majority stake in NRG Group in October 2020. It then separated NRG Riverside from its former sister company Direct Tyre Management (DTM), with new management teams appointed.

DTM remains a part of the Palatine portfolio.

Tom Wildig, senior investment director at Palatine, said: “We have been delighted with the progress Riverside has made under the leadership of Darren Powell and his team.

“The business 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.

“It has a people-centric culture, and has made significant strides in workforce training, development, and retention. The launch of its own apprenticeship scheme in 2022 was something we were delighted to support.

“NRG is now well positioned to capitalise on compelling market dynamics, including zero emission fleets.”

As a standalone company, NRG Riverside, which is headquartered in Skelmersdale, Lancashire, has seen revenue grow more than 50% since Palatine’s investment, while employee numbers have increased to more than 220, including 100-plus skilled technicians.

With a total existing fleet of more than 2,000 vehicles, it is one of the largest providers of specialist refuse collection vehicles (RCVs) in the UK.

It has a network of 10 strategically located workshops providing a UK- wide maintenance and servicing footprint and an end-to-end fleet hire service proposition.

Darren Powell, CEO of 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.” 

Palatine was advised by Deloitte Corporate Finance (Andy Westbrook, Jeremy Thomas and Alex Kirkby), Gateley (Rebecca Grisewood, Kate Richards and Adam Noble) with PWC (Sid Hussain, David Tomlinson and Nick Breeze) providing financial diligence.