“We are very grateful to Livingbridge for the support they have provided since their investment in 2008. It has enabled us to build a dynamic, innovative, fast growing and profitable business. Their challenge and ambition has been a real catalyst to build Nexus.”
David Brennan, CEO
The story in brief
Nexus is a Leeds based car rental broker with unique customer facing technology that helps link customers to ‘any vehicle, any time, anywhere’.
When Livingbridge met Nexus in 2008 they had the capability, technology and ambition to become a market leader but not the funding or infrastructure. It was also the midst of a recession.
At point of exit Nexus was the UK’s largest corporate vehicle rental management firm, providing clients with access to over 500,000 vehicles in over 2,000 rental locations.
By 2015, Nexus was making £5 million profit per year compared to £1 million in 2008 and was sold in a £51m PE-backed buyout generating strong returns for all shareholders.
Driving progress, even through a recession
We built a strong team around the CEO, introducing a new chairman as well as a finance director and a sales director. The first acquisition of the vehicle rental management arm of FMG support happened after just a few months. This transformed the scale and potential of Nexus, helping it to ‘burst through the glass ceiling’ by increasing profitability from £1.2m to £2m within the first year. In 2010 Nexus acquired Adapted Vehicle Hire complementing its market-leading rental service with vehicles for disabled drivers. Working with the management, we helped change the focus from credit hire to corporate customers and bigger accounts. This changed the quality of earnings across the business.
Nexus founded in Leeds
IRIS system launched, a highly advanced and fully integrated web based IT system which automates the process and manages the supply chain
Livingbridge backs £11m MBO/MBI
Nexus acquires vehicle rental management arm of FMG Support
Nexus makes a further acquisition - Adapted Vehicle Hire
Broad exit process culminates in successful secondary sale