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

Phoenix has acquired the majority shareholding from Bowmark Capital.

It will hold two seats on the Nexus board to join the existing management team.

Bowmark acquired Nexus in 2015, since when Nexus has grown its share of the corporate market.

Earlier this year Nexus reported its fourth consecutive year of double-digit growth in both turnover and profit. It also launched into the HGV market in 2018.

Nexus reported a record 11,594 vehicles on rent in a single day in July, representing a 58% increase on the same period in 2017. The first half of the year saw the business expand its Leeds headquarters, with employees rising 12% to 126, providing additional services for customers.

Tim Dunn, Partner at Phoenix, said:

“Phoenix is delighted to be investing in Nexus, in partnership with its outstanding management team, whom we have known for many years. Nexus offers by far the best solution for corporate customers looking to source vehicles flexibly, through its unique technology platform, IRIS. 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:

“We have enjoyed working closely with Bowmark since their investment in 2015 and are proud to have delivered such a strong track record of growth and innovation in that time.

“Phoenix’s investment in Nexus now 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.”