Bowmark Capital secures majority stake in Nexus Vehicle Rental

Private equity investment firm Bowmark Capital has acquired a majority shareholding of Yorkshire-based Nexus Vehicle Rental from investor Livingbridge.

Nexus, a vehicle rental management company headquartered in Pudsey, has 500k vehicles spread over 2,000 rental sites across the UK.

David Brennan, the chief exec of Nexus, said: “We are very grateful to Livingbridge for the support they have provided since their investment in 2008.

“It has enabled us to build a dynamic, innovative, fast-growing and profitable business. The decision by Bowmark Capital to acquire the Livingbridge majority stake in Nexus shows tremendous confidence in the business and faith in the senior management and the wider team to take the company on the next and exciting stage of its development.”

He added: “We are delighted to have them on board. John Ellis, Ian Cherry and I will continue in our existing Board positions under the new ownership”

The deal, the terms of which were not disclosed, will see Bowmark take two seats on Nexus’ board.

Bowmark partner Julian Masters said: “We have been highly impressed at the record of achievement at Nexus and believe the company, under its senior management team, is ideally positioned to drive future growth and development through its commitment to continuing technological innovation to deliver outstanding customer service.

“We look forward to being a supportive partner in helping the business realise the next phase of its development.”

Professional services firm PwC advised on the transaction, along with Park Place Corporate Finance Ltd and law firms Addleshaw Goddard and Squire Patton Boggs.

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