IFC Fleet Services acquires Fownd rental business
IFC Fleet Services Group (IFC) has expanded its vehicle rental capabilities with the acquisition of daily rental provider Fownd for an undisclosed sum.
Launched by owner and managing director Paul Tuszynski in 2008, Birmingham-based Fownd offers rental for cars, vans and refrigerated units for clients ranging from SMEs to large corporates, with some flexi-rentals and multi-term mini-leases.
The company is named after the phonetic spelling of ‘found’ which came about because the business was described as being able to find things for clients that they couldn’t find themselves.
The acquisition is regarded as an ideal strategic fit with the Goodwood Rental business that IFC entered into a strategic partnership with in July 2016, and which has allowed it to expand its vehicle rental offering to corporate fleets.
Under a phased implementation to ensure the continuity of business, the Fownd back office systems will be gradually migrated over to IFC’s rental platform. However, the brand will continue to have its own identity, web portal, invoicing system and management information reporting structure to maintain its independence within the IFC set-up.
This will then expand to offer Fownd clients access to an enhanced portfolio of products and systems available through the wider IFC business.
The agreement will also see Paul Tuszynski continue in his current role although now as an employee of Ampthill-based IFC.
Tuszynski commented: “IFC has a long track record of providing high quality, traditional and technology-based fleet services, and already provides a vehicle rental solution similar to ours to many prestigious and well-known companies.
“Over the coming months, IFC’s wealth of knowledge and experience of this market will be brought to the Fownd business with greater investment in systems and processes.
“I am looking forward to further developing our offering to customers as we continue to explore the possibilities the business offers under this new and exciting relationship,” he said.
IFC managing director Paul Talbot said Fownd provides an excellent fit for the IFC culture, existing client base, core services and system set-up.
The new purchase continues the recent acquisition trail that IFC, which has around 20,000 drivers under management, began by buying Cambridge-based fleet management services provider, Spectrum Car Scheme Management, in 2014, which increased its managed fleet size by around 20%. This was followed by the strategic partnership with the Goodwood Rental business in 2016.
Talbot added: “We have a wealth of knowledge of the rental market and are hoping to bring cost efficiencies and service enhancements to fleet customers through this strategic acquisition. Some of these may include or be met by other fleet-related services that we can offer.”