Phoenix gains majority stake in car rental firm Nexus in £142m deal
PHOENIX EQUITY Partners has acquired the majority shareholding of Nexus Vehicle Rental from Bowmark Capital in a deal worth £142m.
Leeds-based Nexus connects vehicle rental companies with corporate customers and provides access to more than 550,000 vehicles across 2,000 locations nationwide.
Since Bowmark acquired the company in 2015, Nexus has grown its share of the corporate market, winning contracts for a number of the UK’s leading brands, supporting their mobility requirements.
Earlier this year, Nexus reported its fourth consecutive year of double-digit growth in both turnover and profit, in a year which saw the company launch into the HGV market and drive more product innovation.
Nexus reported a record 11,594 vehicles on rent in a single day in July, representing a 58 per cent increase on the same period in 2017.
Tim Dunn, partner at Phoenix, said: “Phoenix is delighted to be investing in Nexus, in partnership with its outstanding management team, whom we have known for many years. 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.”
David Brennan, chief of Nexus Vehicle Rental, 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.”
Nexus was advised by PWC, Park Place and Squire Patton Boggs.