Isis Equity Partners has completed the £11m (€13.9m) management buyout of vehicle rental business Nexus Vehicle Management. Lloyds TSB Corporate Markets provided senior debt to support the deal.
Andrew Garside, who led the deal for Isis, was introduced to the deal by incoming Nexus CEO, Neil McCrossan.
Leeds-based Nexus enables corporate users with large volumes of rental demand to source vehicles from over 40 suppliers online through IRIS, a fully integrated web based IT system which automates the process and manages the supply chain. This gives corporate users the benefit of a single source supplier and competitive prices and access to a variety of different vehicle types.
Since the IRIS system was launched in 2006, sales have more than doubled from 2006 to 2007.
Customers include corporates, fleet management companies, insurance service suppliers and daily rental providers who need to outsource specialist rental equipment.
Garside, who has previously worked in the fleet management sector, said that it is a sector he likes very much.
“We are attracted to the fleet management sector as quality service providers earn loyal customers who are keen to outsource their fleet management requirements,” said Garside. “Nexus provides a capable platform for the new management to grow a larger business in the sector.”