NorthEdge Capital has supported the MBO of Prohire, a specialist provider of commercial fleet management solutions.

Dow Schofield Watts Transaction Services advised NorthEdge on the deal.

Based in Stoke-on-Trent with an office in Tunbridge Wells, Prohire provides vehicle specification, procurement, funding and fleet management services to commercial operators. The business has increased turnover by over 20% to £40m this year, following the acquisition of Sunrent in December 2016 which increased its fleet to around 3,500 units.

Manchester-based NorthEdge backed the existing management team led by Managing Director Dave Barlow, and has taken a majority stake in Prohire.

It will also provide further capital to support the company in its buy-and-build strategy, broaden the sales function and invest in the development of the ProVision technology platform.

Phil Frame, Director at NorthEdge Capital who led the deal, said: “Prohire has grown rapidly in recent years under 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.”

Rob McCarthy, who led the Dow Schofield Watts Transaction Services team, added: “We are delighted to work with NorthEdge Capital again and to support them in their acquisition of this fast-growing fleet management specialist.”