9 July 2018
NorthEdge Capital has announced the close of NorthEdge Capital SME Fund I, LP (“SME Fund I”, “the Fund”) at its £120 million hard cap. The Fund was raised from existing investors and enables the firm to broaden its ability to take advantage of attractive investment opportunities in the U.K. regional lower mid-market.Find out more
Prohire is a provider of commercial fleet management solutions.
Headquartered in Stoke-on-Trent with an additional office in Tunbridge Wells, Prohire delivers fully outsourced solutions to commercial vehicle operators throughout the UK and Irish markets.
The business incorporates vehicle specification, procurement, funding and fleet management, to provide comprehensive solutions that focus on compliance, minimising costs and maximising vehicle and driver efficiency.
Prohire has delivered strong historic growth since it was established in 1997, positioning the business as a significant operator in the commercial vehicle contract hire sector.
The company’s recent acquisition of Sunrent in December 2016 has enabled Prohire to increase the scale of its fleet to around 3,500 units and increase turnover by over 20% to £40m this year.
NorthEdge’s investment will allow Prohire to broaden its sales function and invest into the development of the ProVision technology platform. It will also support the company in its buy-and-build strategy as it looks to accelerate growth through targeted acquisitions which broaden the customer base and service capability.
The deal was led by NorthEdge Director Phil Frame, Investment Executive Greg Holmes and Investment Manager Dan Matkin. Frame and Holmes will join the board in a non-executive capacity.
Dave Barlow, Managing Director at Prohire Group, said:“NorthEdge is the perfect investment partner for us. They understand our business and their knowledge of the sector coupled with their track record of supporting portfolio companies to grow through acquisition means they are ideally placed to help us deliver our plan.
“The next stage of Prohire’s development will be the most exciting in our 20-year history. We have a total focus on service and our approach is centred around taking the time to understand our client’s business and developing a bespoke solution to meet their needs. We don’t believe that ‘one-size-fits-all’ and we are confident that our customer centric proposition will continue to differentiate Prohire in the market.”
Phil Frame, Director at NorthEdge Capital, said:“Prohire has grownrapidly in recent yearsunder the leadership of Dave and the wider team and has already demonstrated its ability to acquire and integrate complementary businesses. We look forward to working closely with the team in delivering on their growth plan.
“The fleet management market continues to grow, underpinned by increasingly complex compliance requirements and technological developments. We believe Prohire is ideally placed to capitalise on this opportunity and the investment reflects our confidence in both the market and the management team.”