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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.

Nexus MD, John Ellis, CEO David Brennan, and finance director, Ian Cherry (left to right)

Nexus MD, John Ellis, CEO David Brennan, and finance director, Ian Cherry (left to right)

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.”

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Alex Grant

Trained on Cardiff University’s renowned Postgraduate Diploma in Motor Magazine Journalism, Alex is an award-winning motoring journalist with ten years’ experience across B2B and consumer titles. A life-long car enthusiast with a fascination for new technology and future drivetrains, he joined Fleet World in April 2011, contributing across the magazine and website portfolio and editing the EV Fleet World Website.