Nexus Vehicle Rental buys AVH
AVH was founded in 2005 and specialises in renting adapted cars and vans throughout the UK to people with disabilities. With locations in Uxbridge, Greater London and Chorley, Lancashire, it responds to the adapted vehicle requirements of individuals and businesses right across the country, complementing the already comprehensive vehicle rental service offered by Nexus.
Nexus is one of the UK’s largest rental broker companies and a pioneer of paperless rental trading through its innovative IRIS system. In March 2008, ISIS Equity Partners, investing funds from the Baronsmead VCTs, completed the £11 million management buyout/management buy in (MBO/MBI) of Nexus, followed by the acquisition of the Vehicle Rental Management division of FMG Support Group in October 2008.
Nexus says that the latest acquisition reflects its intention to consolidate its position as a strategically important provider of business to business vehicle rental services, rental management and rental systems across the spectrum of business users.
'We are delighted to welcome AVH into the Nexus Group,' confirmed Neil McCrossan, CEO, Nexus Vehicle Rental. 'AVH provides best-in-class service provision to its customers and we aim to build on these strengths in order to grow the business going forward. In particular, this acquisition strengthens the Nexus vehicle rental offering by securing a key niche supplier for a sector that is growing in importance as a consequence of disability discrimination legislation.
'I believe this acquisition puts Nexus in a much stronger position in the vehicle rental marketplace as a whole, enabling us to continue to offer a high quality – and more comprehensive service than ever before – to both our existing and a new group of customers.'
ISIS Equity Partners provided an additional investment to support the acquisition, again from the Baronsmead VCTs.
Andrew Garside and Pete Clarke led the investment for ISIS – both are on the Board of Nexus.
Lloyds TSB Corporate Markets' acquisition finance team provided senior debt for the transaction, which was made for an undisclosed sum.For more of the latest industry news, click here.