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Market and Sector Type: 
Business Services

Vehicle hire business in PE-backed acquisition

Article Date:  Nov 10 2008

Nexus Vehicle Rental, a UK company owned by private equity (PE) firm ISIS Equity Partners, has grown its business through an acquisition.

The company has bought the vehicle rental management business of fleet support provider FMG Support. Backing was provided by ISIS, which bought Nexus in March this year for £11 million, with senior debt from Lloyds TSB.

The majority of the staff from the acquired business will remain with FMG, though key members of the team will be seconded to Nexus over the coming months to assist with the transition.

Neil McCrossan, chief executive of Nexus, says the deal will add to the company’s customer base and ensure a steady flow of business for its 50 suppliers.

He adds, ‘At a time when many businesses are retrenching we are bucking the trend in the firm belief that investment in growth is crucial to provide our customers with the services they require.’

Nick Brown, chief executive of FMG Support, says the sale will allow the company to concentrate on its core strengths in roadside repair and recovery.

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