Palatine Private Equity has completed the maiden investment from its fourth buyout fund (Fund IV) with the acquisition of a majority shareholding in NRG Fleet Services, a fast-growing provider of specialist services to the commercial vehicle sector.

Headquartered in Skelmersdale, Lancashire, and operating 10 national technical centres, NRG has annual revenues of £90m and employs 280 people. It comprises two divisions, Riverside Truck Rental and Direct Tyre Management.