Nexus drives forward with deal
BUSINESS vehicle rental broker Nexus Vehicle Rental has made a further acquisition which will create jobs.
Nexus, based in Pudsey, West Yorkshire, has bought Adapted Vehicle Hire (AVH), a specialist in renting adapted cars and vans throughout the UK to people with disabilities.
AVH has bases in Uxbridge, Greater London and Chorley, Lancashire.
The acquisition, which has been completed for an undisclosed sum, has been backed by ISIS Equity Partners.
ISIS led an £11m buy-in management buyout of Nexus Vehicle Management in 2008.
Fleet performance improvement company FMG Support completed the sale of its vehicle rental business to Nexus Vehicle Rental later that year.
Nexus lets users rent vehicles through its IRIS service, a web-based system which automates the vehicle management process and manages the supply chain.
Nexus’s chief executive Neil McCrossan said the group had enjoyed positive growth since the BIMBO.
Mr McCrossan said: “Founded in Yorkshire and still with a very strong local influence amongst the people in the business, Nexus has bucked the recessionary trend by using IT to deliver benefits for the business and our customers as well as consistently anticipating and responding to customer needs.
“The addition of AVH into the Nexus Group continues this focus. Disability discrimination legislation has made it more important than ever for businesses to be able to support the needs of the disabled – and vehicle rental is certainly no exception.
“AVH provides best-in-class service provision to its customers and securing such a key niche supplier for a sector that is growing in importance means we can offer a high quality – and more comprehensive service than ever before – to both our existing and a new group of customers.
“We aim to build on the existing AVH offering, adding more locations and more vehicles, which means more jobs both locally and around the UK.”
Andrew Garside and Pete Clarke, who are both on the board of Nexus, led the investment for ISIS on the latest deal.
Lloyds TSB Corporate Markets’ acquisition finance team provided senior debt for the transaction.
