Growth at Nixon Hire
21 September 2021
Nixon Hire has announced an investment into the business by Pricoa Private Capital, part of Prudential Financial, Inc., the life insurance and financial services provider.
Nixon’s directors and senior management will also be invested in the company alongside Pricoa, and say that the deal will accelerate the hirer’s growth strategy.
The partnership with Pricoa was instigated to facilitate the exit of three Nixon Hire shareholders and to consolidate the shareholding of Graham Nixon, CEO and his father John Nixon, the company’s founder, who remain significant majority shareholders.
“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,” said Graham Nixon.
"It’s a great balance, we have the benefit of remaining a family business as well as access to the expertise of Pricoa," he added. "We warmly welcome Pricoa as a strategic partner and are excited to work with them to unlock the further potential of Nixon Hire.”
The terms of the transaction were not disclosed.
Nixon Hire is based in Newcastle-upon-Tyne and was established in 1967. The business employs over 500 people and has 13 depots throughout England and Scotland.