Park Place has once again advised the management team of Nexus, this time on their £142m tertiary buy-out in which funding was provided by Phoenix Equity Partners and Ares Capital. This marked a successful exit for Bowmark Capital who funded a £51m secondary MBO backed in 2015 which in turn marked an exit for Livingbridge.
Nexus is the UK's leading tech driven business mobility provider which offers its customers access to a network of more than 550,000 rental vehicles in over 2,000 locations. Unique access to the most extensive fleet in the rental mobility market means vehicles can be booked in seconds through its user-friendly portal and delivered in just a few hours.
Building on previous precedent, the managers were able to increase their shareholding whilst realising a significant proportion of the value they had generated.
David Brennan, CEO of Nexus, commented “Having been advised by Park Place on our previous buy-out I had no hesitation in appointing them again. Their objective and constructive approach ensured our interests were heard and objectives fully achieved. Nexus has another enthusiastic investor to support our plans to further develop the business.”
Tim Simpson, who led the deal for Park Place, commented “I am delighted to have guided the management team through this transaction. On consecutive transactions the management team have had a range of attractive options available which is testament to the strength of the team and their business.”
Find out more about Nexus at www.NexusRental.co.uk