Manchester-based private equity firm Palatine has exited specialist fleet solutions provider NRG Riverside via a sale of the business, following significant investment in its people and operations, to Astatine Investment Partners, a specialist PE investor focused on infrastructure investments.
Financial terms have of the deal 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), appointing new management teams allowing both businesses to focus on delivering independent sales strategies, digital roadmaps and operational efficiencies.
DTM remains a part of Palatine’s portfolio.
NRG Riverside leases and maintains specialist vehicles such as waste collection trucks to local authorities and private companies.
As a standalone company, NRG Riverside’s revenue has grown more than 50% since Palatine’s investment, according to a press release, while employee numbers have increased to more than 220.
Palatine was advised by Deloitte, Gateley and PWC.
