Private Equity firm Livingbridge has made a £15 million investment in UK based ‘virtual rental company’ Nationwide Hire.
Established in 1995 Nationwide Hire (nothing at all to do with Loxam owned Nationwide Platforms) is based in Fareham, Hampshire and works with around 4,000 suppliers, which it says operate from more than 9,000 locations in the UK and Ireland.
With 70 employees and revenues of just over £16 million Nationwide, reported pre-tax profits of £2.9 million. It rehires a wide range of equipment, including aerial lifts, cranes and telehandlers on behalf of its customers. It started off in the shop fitting market, where its customers required a wide range of tools and equipment all over the country. Today it serves a much wider market.
Livingbridge has invested in the virtual rental/ rental aggregator market in the past, having backed Nexus Vehicle Rental’s MBO in 2008, it sold its stake in the business in 2015, having helped transform the business in the seven years it held its holding.
Nationwide Hire’s chief executive Jonathan Holley said: “Livingbridge is a partner that comes with a significant and longstanding 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.”
James Titmuss of Livingbridge added: “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.”
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