A private equity investment firm, specialising in technology enabled businesses, has acquired the majority shareholding of Nexus Vehicle Rental.
Bowmark Capital has acquired the corporate vehicle rental management provider from exiting investor Livingbridge in a deal worth £51m. Livingbridge first invested in Nexus in 2008 for £9.5m.
David Brennan, chief executive of Nexus, said: “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.”
Leeds-based Nexus provides clients with access to over 500,000 vehicles in over 2,000 rental locations across the UK through its intelligent booking and rental management system called IRIS.
Julian Masters, partner at Bowmark, said: “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.”
Bowmark Capital, which specialises in UK growth companies valued at up to £150m, has supported more than 60 businesses across a range of industries. It manages and advises funds totalling £850m.