Private equity firm Equistone Partners Europe has acquired a majority stake in Nexus Vehicle Rental.

The financial terms of the deal are undisclosed, and Nexus’s management team, led by David Brennan, John Ellis, and Alex Cook, will remain in place.

550,000 vehicles across 2,000 locations are operated through Nexus’s proprietary Iris tech platform, with more than four million rental bookings in 2022. 

It is said to have experienced strong growth since investment from Phoenix Equity Partners, which has sold its stake to Equistone, in 2018.

Equistone partner Andi Tomkinson said: “Nexus operates a unique business model very effectively, and provides a great service to its customers and suppliers where the attractiveness of its proposition has been demonstrated over many years.  

“The business, led by an impressive management team, has navigated the challenges presented by the pandemic and the vehicle supply shortage admirably, demonstrating its resilience and its ability to provide a top-quality service to its customer base to whom vehicle supply is often ‘mission-critical’. 

“Equistone’s Manchester office has been tracking Nexus for a number of years and we’re excited to be partnering with the team in its next phase of growth.”

Brennan, who is Nexus’s executive chairman, said: “Over the past four years, we have grown significantly. Phoenix has been a fantastic partner, helping us to meet our ambitions and supporting us through the pandemic. 

“Equistone’s investment sets us up for our next exciting chapter of growth as one of the UK’s leading tech-driven mobility providers. Not only does it demonstrate the confidence in the business, but it is testament to the outstanding performance of our senior management and wider team.” 

Pictured, from left: John Ellis, David Brennan, Alex Cook