Nixon Hire in Newcastle secures investment from Precore to target growth

After receiving a large investment from Pricoa Private Capital, industrial equipment company Nixon Hire is ready for growth.

Launched in 1967, Newcastle-based Nixon Hire offers everything from factories, on-site accommodation, welfare and toilets to construction, utilities, infrastructure, homebuilders and corporate events. ..

The company returned to profitability this year after restructuring the company to focus on improving efficiency and customer service experience.

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We are currently taking advantage of private investment from Precore, a privately owned business of Prudential Financial Inc., one of the world’s largest life insurance and financial services companies.

The transaction will benefit customers, employees and industry stakeholders as the investment accelerates Nixon Hire’s growth strategy, a company director said.

There are also three Nixon Hire shareholders retiring while consolidating shares of CEO Graham Nixon and John Nixon, the founder of his father Nixon Hire.

Graham and John Nixon are still the majority shareholders and are excited to partner with Precore to take their business to the next level, following their 54-year history as a 100% family-owned company. rice field.

Graham Nixon said: By investing more in our business, we aim to provide better service to our customers than ever before.

“It’s a great balance. We have the advantage of continuing our family business and access to our pre-core expertise.

“We warmly welcome Precore as a strategic partner and are excited to work with them to unlock the further potential of Nixon Hire.”

Ed Barker, Senior Vice President of Pricoa, said:

“Precore’s strategy is based on close relationships with strong management and solid companies, and we hope we can help you take the next step in Nixon’s strategic journey. This investment has all Nixon interests. We are positive for those who are looking forward to continuing their long-standing positive presence in the UK equipment rental market. “

The terms of the transaction have not been disclosed.

Nixon Hire was advised on a transaction from MCF Corporate Finance using the legal services provided by Muckle LLP. Akin Gump Strauss Hauer & Feld LLP provided legal services to Precore.

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Nixon Hire in Newcastle secures investment from Precore to target growth

Source link Nixon Hire in Newcastle secures investment from Precore to target growth

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