Management for £11m
ISIS Equity Partners has acquired Nexus Vehicle Management Ltd
in an £11m management buyout deal.
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The rental broker, which pioneered paperless rental trading,
will be led by its newly appointed CEO, Neil McCrossan and
operations director, John Ellis.
McCrossan is described as a rental industry expert who spent
many years as a senior executive at National Car Rental while Ellis
has been with Nexus since 2000, shortly after it began
operations.
Nexus will finance the deal with an equal amount of equity and
debt. Lloyds TSB Corporate Markets has provided senior debt funding
for the deal.
Andrew Garside, who led the transaction for ISIS commented: “We
are attracted to the fleet management sector as quality service
providers earn loyal customers who are keen to outsource their
fleet management requirements. Nexus provides a capable
platform for the new management to grow a larger business in the
sector.”
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By GlobalData Motor Finance Issue: 41 – March 08
Published for the web: March 27 08 17:1
Last Updated: March 28 08 17:37
