Bowmark Capital acquires majority shareholding in Nexus Vehicle Rental
Terms were not disclosed but the acquisition will see Bowmark, a private equity investment firm specialising in technology-enabled businesses, take two seats on the Nexus board. In addition Nexus managing director John Ellis, chief executive David Brennan and finance director Ian Cherry will continue in their existing board positions.
Corporate vehicle rental management provider 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, IRIS.
The Leeds-based business, founded in 1999, has won numerous industry awards and twice appeared in the Sunday Times Profit Track 100.
Bowmark partner, Julian Masters 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. We look forward to being a supportive partner in helping the business realise the next phase of its development.”
Nexus chief executive, David Brennan added: “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.”