Change of ownership at NRG Riverside as investor exits

NRG Riverside, the Skelmersdale-based firm which specialises in refuse collection vehicles, has been sold by the equity firm which acquired it in 2020.

Palatine originally acquired a majority stake in NRG Group in October of that year before separating NRG Riverside from its former sister company Direct Tyre Management (DTM), appointing new management teams allowing both businesses to operate independently.

The standalone company NRG Riverside, which leases and maintains specialist vehicles such as waste collection trucks to local authorities and private companies, has now been acquired by private equity investor Astatine Investment Partners.

The business has seen revenue grow more than 50 per cent since Palatine’s investment, whilst employee numbers have increased to more than 220, including over 100 skilled technicians.

With a total existing fleet of over 2,000 vehicles, it is the largest provider of specialist refuse collection vehicles in the UK. It has a network of 10 strategically located workshops providing a UK-wide maintenance and servicing footprint and a comprehensive end-to-end fleet hire service proposition.

NRG Riverside also established an ESG Charter in late 2022, which sets out a sustainable and measurable plan to lessen its environmental impact and support its local communities and workforce.

DTM remains a part of the Palatine portfolio and continues to deliver strong growth and progress its value creation plan.

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."

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. 

"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.”