John Ellis MD David Brennan CEO Ian Cherry FD
John Ellis MD, David Brennan CEO, Ian Cherry FD - management team stays

DAILY rental provider Nexus Vehicle Rental has been sold to private equity firm Phoenix Equity Partners.

Former investors Bowmark Capital have exited following the £142m sale.

Phoenix will take two board positions, but the remaining management team stays on following the sale.

Nexus, which was established in 1999, was sold to Bowmark in 2015. Since then it has grown its share of the corporate market with a 58% rise in peak bookings year on year.

The first half of the year saw the business expand its Leeds headquarters, with employees rising 12% to 126, providing additional services for customers.

Also in 2018, Nexus expanded into the HGV market.

Tim Dunn, Partner at Phoenix, said: “We are excited to be working alongside David, John, Ian and the team to continue Nexus’ rapid growth as part of the technology infrastructure in this very large market.”

David Brennan, CEO of Nexus Vehicle Rental, added: “Phoenix’s investment 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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