Team members involved:
Nexus is the UK’s leading corporate vehicle rental provider. Established in 1999, the company connects vehicle rental companies with corporate customers, via a proprietary online booking and rental management system, which automates and streamlines the procurement process – providing 800 customers with access to over 500,000 vehicles from 2,000 locations.
Vehicle rental is playing an increasingly important role in the management of corporate fleets, as a flexible, responsive and low cost solution to short-term vehicle needs. This was an opportunity to back the leading B2B broker of rental vehicles in the UK in executing an ambitious growth plan, capitalising on its industry-leading technology, high service levels and strong market position.
During Bowmark’s period of investment, Nexus significantly increased its penetration of the corporate market. It also expanded into the heavy goods vehicle sector, becoming the first provider to offer a national HGV solution alongside cars and vans, through a single, integrated technology platform. The company achieved strong growth, more than doubling its profits and, in July 2018, was sold to Phoenix Equity Partners for a consideration of £142 million.Website: www.nexusrental.co.uk Read more about our Business & Financial Services strategy
With Bowmark’s support, Nexus has made great progress. As well as making significant investment in the business and our people, we have expanded into an exciting new product area through the development of our HGV platform that is providing tremendous opportunities.David Brennan, Chief Executive