Bowmark Capital, the leading private equity investment firm specialising in technology enabled businesses, have acquired the majority shareholding of Nexus Vehicle Rental from exiting investor, Livingbridge.
Nexus is the UK's largest corporate vehicle rental management provider. It provides clients with access to over 500,000 vehicles in over 2,000 rental locations across the UK through its revolutionary intelligent booking and rental management system, IRIS.
The Leeds based business, founded in 1999, has won numerous industry awards and twice appeared in the Sunday Times Profit Track 100, a league table of private companies with the fastest growing profit over a three year period. The company attributes its success to outstanding customer service, technological innovation and quality-assessed supply partners.
Bowmark Partner, Julian Masters, said today: "We have been highly impressed at the record of achievement at Nexus and believe the company, under its senior management team, is ideally positioned to drive future growth and development through its commitment to continuing technological innovation to deliver outstanding customer service. We look forward to being a supportive partner in helping the business realise the next phase of its development."
Bowmark Capital specialises in UK growth companies valued at up to £150 million, backing experienced management teams to build world class businesses. It has supported more than 60 businesses across a range of industries and manages and advises funds totalling £850 million.
Bowmark will take two seats on the Nexus board. Nexus' Chief Executive, David Brennan, said today: "We are very grateful to Livingbridge for the support they have provided since their investment in 2008. It has enabled us to build a dynamic, innovative, fast-growing and profitable business. The decision by Bowmark Capital to acquire the Livingbridge majority stake in Nexus shows tremendous confidence in the business and faith in the senior management and the wider team to take the company on the next and exciting stage of its development. We are delighted to have them on board. John Ellis, Ian Cherry and I will continue in our existing Board positions under the new ownership"
Terms of the transaction were not disclosed. Advisors to the transaction were PwC (Corporate Finance and Tax), Addleshaw Goddard LLP, Park Place Corporate Finance Ltd and Squire Patton Boggs.
"The decision by Bowmark Capital to acquire Nexus shows tremendous confidence in the business and faith in the team to take the company on the next and exciting stage of its development"