PPCF advised the management team of Nexus Vehicle Rental on their £51m secondary MBO backed by Bowmark Capital. The transaction allowed the managers to increase their shareholding whilst realising a significant proportion of the value they had generated whilst working with Livingbridge.
Nexus is the UK’s largest corporate vehicle rental management provider. It provides clients with access to over 500,000 vehicles in over 2,000 rental locations across the UK through its revolutionary intelligent booking and rental management system, IRIS.
David Brennan, CEO of Nexus, commented “PPCF ensured the interests and objectives of the management team were properly accounted for in the sale process. With their help we exceeded our expectations and now have a carefully selected investor who share and support our plans to develop the business.”
Tim Simpson, who led the deal for PPCF, commented “I am delighted to have guided the management team through this transaction. The range of attractive options available was testament to the strength of the team and their business. The outcome leaves them well supported and motivated to continue driving Nexus forward.”