Equistone acquires Nexus from Phoenix

The Nexus Vehicle Rental management team. L to r: John Ellis (MD), David Brennan (chair) and Alex Cook (FD)

THE success of vehicle rental aggregator firm Nexus under David Brennan continues.

Mid-market private equity firm Equistone Partners Europe has now acquired a majority stake in Nexus as Phoenix Equity Partners exits the business.

No financial details of the transaction were given.

Leeds-based Nexus operates an asset-light business model. It provide a broad range of corporate, credit hire and leasing customers with access to the UK’s largest rental supply chain, with 550,000 vehicles across 2,000 locations through its proprietary IRIS tech platform, which includes many leasing brokers.

Since inception 22 years ago, the company’s sustained growth has spurred it on to become one of the UK’s leading tech-driven business mobility providers, having reached over 4 million rental bookings in 2022.

Over the past four years, we have grown significantly. Phoenix has been a fantastic partner, helping us to meet our ambitions and supporting us through the pandemic. Equistone’s investment sets us up for our next exciting chapter of growth as one of the UK’s leading tech-driven mobility providers. Not only does it demonstrate the confidence in the business, but it is testament to the outstanding performance of our senior management and wider team.

David Brennan, executive chairman, Nexus Vehicle Rental