Livingbridge today announces the sale of Nexus in a £51m buy out backed by Bowmark Capital. The exit has delivered a money multiple return of 4.5x at an IRR of 26% to our investors.
Nexus is the UK’s largest corporate vehicle rental management provider. It provides clients with access to over 500,000 vehicles in over 2,000 rental locations through the use of its revolutionary intelligent booking tool and rental management system, “IRIS”.
Livingbridge first invested in Nexus in 2008 in a £9.5m deal, acquiring the business from its founder. Turnover has grown fivefold since.
David Brennan, CEO of Nexus, said today: “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 and has put us in a great position to develop further.”
Amy Yateman-Smith of Livingbridge commented: “Back in 2008 we acquired a young and exciting technology platform and over 7 years we have developed it into a professional, industry leading and successful business. The journey has been hugely rewarding and enjoyable. We wish David and his team well and are confident that Nexus is well positioned for future growth.”