Error parsing XSLT file: \xslt\FacebookOpenGraph.xslt Nexus Vehicle Rental bought in £142m deal
Cookies on Businesscar

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive all cookies on the Business Car website. However, if you would like to, you can change your cookies at any time

BusinessCar magazine website email Awards mobile

The start point for the best source of fleet information

Nexus Vehicle Rental bought in £142m deal

Date: 31 July 2018   |   Author: Sean Keywood

Nexus Vehicle Rental has been bought by private equity investor Phoenix Equity Partners.

The £142m deal has seen a majority shareholding in the firm acquired from Bowmark Capital.

Connecting vehicle rental companies with corporate customers, Nexus provides access to more than 550,000 vehicles across 2,000 locations nationwide. 

Since Bowmark bought the company in 2015, Nexus has grown its share of the corporate market, winning contracts for many of the UK's leading brands.

Earlier this year Nexus reported its fourth consecutive year of double-digit growth in both turnover and profit.

Nexus also reported a record 11,594 vehicles on rent in a single day in July, representing a 58% increase on the same period in 2017. 

The first half of the year also saw the business expand its Leeds headquarters, with employees rising 12% to 126, providing additional services for customers.

Nexus' mobility platform IRIS offers an overview of the entire rental journey from the customer and supplier perspective, from live reservations including mileages, to damage claims and invoicing - and on average helps clients reduce their rental spend by 20%.

Phoenix, which specialises in investing in UK fast growth companies, will take two seats on the Nexus board.

Nexus CEO David Brennan said: "We have enjoyed working closely with Bowmark since their investment in 2015 and are proud to have delivered such a strong track record of growth and innovation in that time. 

"Phoenix's investment in Nexus now sets us up for our next exciting chapter of growth as the UK's leading tech driven mobility provider, and demonstrates confidence in the business, senior management and wider team to continue our track record of outstanding performance.

"John Ellis, Ian Cherry and I will continue in our existing Board positions under the new ownership."

Phoenix partner Tim Dunn said: "Phoenix is delighted to be investing in Nexus, in partnership with its outstanding management team, whom we have known for many years. 

"Nexus offers by far the best solution for corporate customers looking to source vehicles flexibly, through its unique technology platform, IRIS. 

"We are excited to be working alongside David, John, Ian and the team to continue Nexus' rapid growth as part of the technology infrastructure in this very large market."



Share


Subscribe