Astatine Investment Partners Acquires NRG Riverside
24 Abril 2024 - 4:00AM
Business Wire
Astatine Investment Partners (“AIP” or “Astatine”, formerly
Alinda Capital Partners), a leading private equity firm focused on
infrastructure investments, today announced that with funds it
manages it has acquired NRG Riverside (“NRG Riverside” or the
“Company”), the UK’s leading rental provider of specialist waste
collection vehicles, from Palatine and other shareholders.
NRG Riverside leases, rents and maintains specialist vehicles
such as waste collection trucks to local authorities and private
companies. With a total existing fleet of over 2,000 vehicles, it
is the largest provider 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 a comprehensive end-to-end fleet hire service proposition.
“We are delighted to acquire NRG Riverside and look forward to
working alongside the management team in delivering the next phase
of growth, including supporting customers in their transition to
zero emission vehicles,” said Jim Metcalfe, CEO and Co-Managing
Partner of Astatine. Ben Catt, Partner of Astatine and Head of
European Investments, added: “The Company is the clear market
leader in this space, servicing customers in the provision of an
essential service. We are attracted by the high levels of
contracted and recurring revenues, growth prospects in waste and
adjacent sectors, and the strong reputation of the business”.
“We are excited to be partnering with Astatine on the next
chapter of NRG Riverside’s growth journey,” said Darren Powell, CEO
of NRG Riverside. “We look to the future with confidence and with a
clear plan for future 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.”
Astatine worked with Hogan Lovells as legal counsel, Alvarez
& Marsal for financial and tax diligence, and Roland Berger for
commercial due diligence.
Financial terms have not been disclosed.
About Astatine
Astatine Investment Partners is a leading, independent,
mid-market private equity firm focused on infrastructure
investments. Based in Greenwich CT and London, AIP manages three
funds that invest in infrastructure in North America and Europe. We
target investments in the digital, transportation, utility-related
and essential services sectors, with the objective of generating
attractive risk-adjusted returns for investors through a
combination of capital appreciation and a strong focus on cash
yield. Astatine has invested in more than 30 infrastructure
businesses across North America and Europe that serve over 100
million customers annually in more than 550 cities globally.
Astatine’s other similar infrastructure investments include ACL
Airshop, a global leader in air cargo unit load device logistics;
BTR, a leader in refuse truck rental in the US; Kelling Group, a
leader in the leasing and rental of infrastructure equipment in the
UK; and PECO Pallet, a leading transportation and logistics
company.
Astatine was founded in 2005 as Alinda Capital Partners and is
one of the world’s most experienced infrastructure investment
firms. Alinda Capital Partners changed its name in 2022 to Astatine
Investment Partners, to reflect its shift from a large-cap, core
focused manager to focus, from 2014 onwards, on the mid-market,
core-plus strategy. Astatine specializes in carveouts, take
privates of public companies and the formation of strategic
partnerships. For more information on AIP, please visit:
https://astatineip.com/.
About NRG Riverside
Founded in 1996, NRG Riverside is the clear market leader
serving communities in the UK directly and indirectly in the
provision of waste collection vehicles under long-term contracts
and on a rental basis. The Company has an integrated offering of
lease or rental of vehicles, repair and maintenance, and regulatory
compliance services, which is highly valued by customers and
generates high levels of contract renewals and recurring revenues.
With a fleet of over 2,000 vehicles and a network of 10 workshops,
it is the largest provider of RCVs in the UK, having grown its
fleet by approximately 25% over the last two years. NRG Riverside
is headquartered in Skelmersdale, Lancashire. For more information
on the Company, please visit: https://nrgriverside.com/.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240424627166/en/
Media:
Longacre Square Dan Zacchei / Kate Sylvester
dzacchei@longacresquare.com / ksylvester@longacresquare.com