IFC Fleet Services buys Fownd rental business
20 March 2018
Author: Sean Keywood
Fleet management and logistics specialist IFC Fleet Services has announced the acquisition of daily rental provider Fownd for an undisclosed sum.
Under the deal, which sees IFC expand its vehicle rental capabilities, Fownd owner and managing director Paul Tuszynski will continue in his current role, although now as an employee of IFC.
IFC says it sees Fownd, which was launched by Tuszynski in 2008, as an ideal strategic fit with the Goodwood Rental business it entered into a strategic partnership with in July 2016, which has allowed it to expand its vehicle rental offering to corporate fleets.
Like Goodwood, Fownd is a B2B specialist rental supplier of mainly cars, light commercials and refrigerated units.
It provides daily rental services to a variety of corporate clients from SMEs to large corporates, with some flexi-rentals and the provision of multi-term mini-leases as clients require.
Under a phased implementation, Fownd back office systems will be gradually migrated over to IFC's rental platform.
However, the brand will continue to have its own identity, web portal, invoicing system and management information reporting structure to maintain its independence within the IFC set-up.
Over time, the plan is to offer Fownd clients access to an enhanced portfolio of products and systems available through the wider IFC business.
Tuszynski said: "IFC has a long track record of providing high quality, traditional and technology-based fleet services, and already provides a vehicle rental solution similar to ours to many prestigious and well-known companies.
"Over the coming months, IFC's wealth of knowledge and experience of this market will be brought to the Fownd business with greater investment in systems and processes.
"I am very proud of what we have achieved in the business over the last nine years, but welcome the chance to join with IFC because of the similar culture and strong customer focus that the company offers.
"I am looking forward to further developing our offering to customers as we continue to explore the possibilities the business offers under this new and exciting relationship."
IFC managing director Paul Talbot said: "Fownd is an excellent fit into our culture, existing client base, core services and system set-up.
"We have a wealth of knowledge of the rental market and are hoping to bring cost efficiencies and service enhancements to fleet customers through this strategic acquisition.
"Some of these may include or be met by other fleet-related services that we can offer."