Travers Smith LLP has advised long-standing client Phoenix Equity Partners (Phoenix) on its acquisition of Nexus Vehicle Rental (Nexus) in a transaction valuing Nexus at £142 million.
Nexus is the leading technology platform for B2B vehicle rental in the UK, and connects corporate customers with vehicle rental companies through its proprietary online booking and rental management system, IRIS. The system provides Nexus’s 1,000 corporate customers with access to over 550,000 vehicles sourced from 220 rental companies across 2,000 locations. Leeds-based Nexus was established in 1999 and has since achieved impressive growth through its highly differentiated service proposition, industry-leading technology and strong market position.
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’s rapid growth as part of the technology infrastructure in this very large market.”
David Brennan, CEO of Nexus, commented: “The investment by Phoenix sets us up for our next exciting phase of growth and innovation 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. We are delighted to have Phoenix on board.”
The Travers Smith team was led by Private Equity Partners Ian Keefe and James Renahan and Phoenix Relationship Partner Edmund Reed. The team also included Corporate Associates Sally Hirst, James Sherlock and Genevieve Van Swaay. Tax advice was provided by Tax Partner Russell Warren. Finance Partner Andrew Gregson and Senior Associate Jonathan Clapshaw advised Phoenix on the debt funding aspects of the transaction.