Waste collection trucks provider NRG Riverside has been sold by one private equity firm to another with a change of ownership from Palatine to Astatine Investment Partners.
Palatine said it had sold the Skelmersdale-based business following significant investment in its people and operations and consequent revenue growth. The deal’s terms have not been disclosed.
It had acquired a majority stake in NRG Group in October 2020, and separated it from its former sister company Direct Tyre Management, which remains a part of Palatine.
As a standalone company NRG Riverside saw revenue grow more than 50% since Palatine’s investment, and it now operates a fleet of more than 2,000 vehicles, which it said made it the largest provider of specialist refuse collection vehicles in the UK and with a network of 10 workshops.
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.”
Powell 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.”