Nixon Hire gets inward investment
By Murray Pollok21 September 2021
UK rental company Nixon Hire said it will accelerate its growth plans following inward investment from Pricoa Private Capital, a division of life assurance firm Prudential Financial, Inc.
The terms of the deal have not been disclosed, but founder John Nixon and his son, CEO John Nixon, will retain a “significant majority” stake in the business.
Pricoa’s investment will allow three former shareholders to exit from ownership.
Nixon said the deal would benefit customers, employees and other stakeholders as it will accelerate its growth. It added that Nixon’s Directors and senior management team were committed to the growth plan.
Established in 1967 and based in the North East of England, Nixon rents large equipment, portable toilets, static and mobile welfare facilities, site accommodation and solar powered products. It has more than 500 employees and 13 depots throughout England and Scotland.
Graham Nixon, CEO of Nixon Hire said; “We have significant ambitions for the business and this partnership will enable us to accelerate our strategic plans to retain and attract new talent as well as grow our product and depot network.
“We will look to serve our customers better than ever before, as we invest further in our business. It’s a great balance, we have the benefit of remaining a family business as well as access to the expertise of Pricoa.”
Ed Barker, Senior Vice President at Pricoa, said; “We are delighted to be partnering with Graham and his team, and we match their ambitions to grow Nixon whilst remaining true to the heritage of the business.
“Pricoa’s strategy is based on close relationships with strong management teams and solid companies, and we hope to be able to help Nixon on the next step of its strategic journey. This investment is positive for all Nixon stakeholders”.
This deal is the latest to involve private equity/capital and equipment rental. Read our full report here.