Bowmark sells Nexus Vehicle Rental stake for £142m
Bowmark Capital has sold its majority share of Nexus Vehicle Rental to Phoenix Equity Partners for £142m, following four consecutive years of growth for the mobility company.
Phoenix is said to specialise in investments in fast-growing UK companies, and will take two seats on the Nexus board. Bowmark had been majority shareholder since 2015.
David Brennan, CEO of Nexus Vehicle Rental, added: “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.”