Nexus sells AVH to focus on core vehicle solutions business
Nexus Vehicle Rental has sold its Adapted Vehicle Hire (AVH) business to Newship as it looks to focus on its vehicle solutions business.
The sale of AVH, made for an undisclosed amount, comes a year after Nexus secured £142m private equity investment from Phoenix Equity Partners to fuel further expansion and development of its proprietary vehicle rental and management technology, IRIS.
Since then Nexus has achieved record results – in February it reported a double-digit increase in profitability and revenue for the fifth year running – as well as signing a number of high-profile clients and winning a number of awards and recognition for its consistent growth and commitment to technology.
Commenting on the sale, David Brennan, CEO of Nexus said: “As part of our continued growth strategy we are now focusing solely on technology solutions for vehicle rental and management, which is where we have demonstrated significant market strength and leadership.
“AVH is a fantastic, asset-owning business but one that no longer fits with our strategic direction and has a much more complementary fit within the Newship group. As such I am confident it will flourish under its new ownership.”