GREENWICH, Conn.–(BUSINESS WIRE)–Astatine Investment Partners, a leading private equity firm focused on infrastructure investments, today announced that with funds it manages it has acquired NRG Riverside, 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/.
