International law firm Addleshaw Goddard has advised Equistone Partners Europe on the acquisition of a majority stake in Nexus Vehicle Rental, a leading B2B vehicle rental aggregator platform.
Private equity firm Equistone acquired the stake in Leeds-based Nexus from Phoenix Equity Partners. The Nexus management team, led by David Brennan, John Ellis and Alex Cook, will continue to lead the business.
Nexus operates an asset-light business model, providing a broad range of corporate, credit hire and leasing customers with access to the UK’s largest rental supply chain, with 550,000 vehicles across 2000 locations through its proprietary IRIS tech platform. It is one of the UK’s leading tech-driven business mobility providers, having reached over four million rental bookings in 2022, and recently diversified into the plant hire and taxi market as well as investing further in Nexus Connect, a unique mobile application that streamlines the rental process for end-users while on the move.
The AG team advising on the transaction was led by Partner Paul Medlicott and included Paul Keohane, David Parker, Cat Concannon, Dan Conway, Joel Power, Lara Jones, Millie Johnson, Lucy Pickering, Ben Edwards and Nicholas Parkin.
Paul Medlicott said: "Technology based businesses are an increasingly attractive proposition and we are delighted to have supported Equistone in this investment into Nexus, which is one of the UK's leading tech-driven mobility providers. It is a partnership which will allow Nexus to go from strength to strength with the support of the team at Equistone."