Transaction Details

August 1, 2018
Manchester, London

Sector

Technology

Deal Type

M&A, Debt advisory

Deal Value

£142m

Deal Team

Stuart Warriner, Paul Lines, Jon Stead, Hamzah Shakoor, Richard Clark, Simon Chambers, Charles Martin

GCA Altium advises Phoenix Equity Partners on its investment in Nexus

GCA Altium acted as exclusive M&A and debt advisor to Phoenix Equity Partners on its investment in Nexus Vehicle Rental, in a transaction that values Nexus at £142m.

Nexus is the leading technology platform for B2B vehicle rental in the UK and this marks the 24th technology transaction led by GCA in 2018.

This is the second transaction GCA Altium has completed with Nexus in recent months (following the December 2017 refinancing) and further extends GCA’s leadership in the mobility technology space, with other notable transactions including the sale of Urban Engines to Google and the investment in Radius Payment Solutions by Inflexion.

Nexus 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.

Nexus, which is based in Leeds, UK, was established in 1999 and has since achieved impressive growth through its highly differentiated service proposition, industry-leading technology and strong market position. The investment by Phoenix will allow Nexus to continue to increase its penetration of the corporate market and develop its technology platform. Phoenix has acquired a majority shareholding in the company and the transaction provides an exit for previous investor Bowmark Capital.

Stuart Warriner, Managing Director at GCA Altium, said: “It has been a pleasure to work with the Phoenix team on this transaction. Nexus has an outstanding market position and I have been fortunate to advise the Nexus shareholders previously – in Phoenix they have an ideal partner to support their growth aspirations.”

David Brennan, CEO of Nexus, said: “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.”

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