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Private equity firm invests in T.O.M. Vehicle Rental

By / 10 months ago / Latest News / No Comments

Independent investment firm Equistone Partners Europe Limited has taken a majority stake in T.O.M. Vehicle Rental to support the company’s expansion plans.

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Equistone Partners Europe Limited has taken a majority stake in T.O.M. Vehicle Rental.

Financial terms of the investment are undisclosed but Equistone is investing alongside management and the original founder-owner in line with the companys ongoing organic and acquisitive growth plans to further increase its market share within the UK vehicle rental sector.

The buyout is Equistones 17th investment from its fifth fund, Equistone Partners Europe Fund V, and will see Tim Swales and Paul Harper, both partners at Equistone, join the board of T.O.M.

Robert Stewart, CEO of T.O.M. Vehicle Rental, said: Equistones investment in T.O.M. is transformational for our business, in terms of both the financial backing and the increased executive team bandwidth it provides. This additional support will allow us to accelerate the ambitious expansion in our market share, number of UK locations, fleet size, customer base, and rental service offering. Throughout these changes, the same quality of service and concern for customer satisfaction that have underpinned T.O.M.s success to date will remain our core focus.

Paul Harper at Equistone added: We have exciting plans for the continued development of the business, which is extremely well positioned for further organic and strategic growth. We look forward to working closely with Robert and his team in developing T.O.M. into the number one player in the UK for multi-asset vehicle rental.

T.O.M. provides long-term, flexible hire of cars, vans, trucks and trailers to over 900 public and private sector customers via 11 hire locations across the UK and also operates a commercial vehicle dealership across five sites through its two franchised dealer brands, Mercedes-Benz and Citroën.

T.O.M. generated revenues of £213m in the financial year ending March 2016.

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Natalie Middleton

Natalie has worked as a fleet journalist for 14 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. Natalie works across the magazine portfolio and updates the company websites with daily news, interviews and road test content.