Nixon Hire, a leading equipment provider of plant, site accommodation, welfare and toilets to construction, utilities, infrastructure, housebuilders and corporate events, announces an investment by Pricoa Private Capital (“Pricoa”).
Pricoa is the private capital business of Prudential Financial, Inc., one of the largest life insurance and financial services firms in the world.
This deal benefits customers, employees and industry stakeholders as the investment accelerates Nixon Hire’s growth strategy. The Directors and senior management team will also be invested in the Company alongside Pricoa.
The Partnership with Pricoa was instigated to facilitate the exit of three Nixon Hire shareholders and consolidate the shareholding of Graham Nixon (left), CEO and his father, the founder of Nixon Hire, John Nixon.
Graham and John Nixon remain significant majority shareholders and are excited about partnering with Pricoa to take the business to the next level following its 54 year history as a 100% family owned company and see the tremendous value that Pricoa can add to the Board as well with their experience, relationships and skills.
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.
We warmly welcome Pricoa as a strategic partner and are excited to work with them to unlock the further potential of Nixon Hire.”
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 and we look forward to continuing the business’ long-established positive presence in the UK equipment hire markets.”
The terms of the transaction were not disclosed.
Advising Nixon Hire on the transaction was MCF Corporate Finance with legal services provided by Muckle LLP. Akin Gump Strauss Hauer & Feld LLP provided legal services to Pricoa.
