Private equity player injects £15m into equipment rental and hire services group
The Manchester team at Livingbridge, a mid-market private equity investor, has invested £15m in Nationwide Hire, an aggregator of equipment rental and hire services.
Founded in 1995 and headquartered in Fareham, Hampshire, Nationwide Hire manages a network of more than 4,000 suppliers based in around 9,000 locations across the UK and Ireland with access to in excess of five million products.
With more than 70 staff and turnover exceeding £16m, Nationwide Hire provides major plant and machinery, equipment, tools and specialist services to companies operating across a wide range of sectors including construction, facilities management, retail, events, waste management and crisis support.
The company has the highest reliability record in the industry and a Net Promotor Score (NPS) of 78, reflecting a commitment to excellence in customer service.
The investment, made through Livingbridge’s Enterprise 2 fund, builds on its experience of aggregators in the rental space, having exited Nexus Vehicle Rental in 2015.
Livingbridge’s investment will enable Nationwide Hire to accelerate its growth trajectory by helping to develop a best-in-class online customer acquisition engine and funding the development of a new technology platform.
The Manchester team at Livingbridge who led the transaction was James Titmuss and Vernan Richards.
James Titmuss said: “We are excited by the prospect of working closely with Jonathan Holley and the management team and using our knowledge of the rental sector to help Nationwide Hire enter a new phase of growth.
“With a large addressable market, scalable business model and history of strong revenue growth, we look forward to helping the company to fulfil its potential.”
Jonathan Holley, chief executive at Nationwide Hire, said: “Livingbridge is a partner that comes with a significant and long standing reputation in helping UK businesses to grow.
“I am convinced that with their support and substantial experience in customer acquisition and technology we can successfully achieve our goals and develop the company further.”
Senior debt and working capital facilities were provided by the Midlands office of Clydesdale & Yorkshire Bank Corporate & Structured Finance led by Alpesh Patel and Ian Fairclough.
