Bowmark buys Nexus from Livingbridge for £51m

For Livingbridge, the exit delivered a money multiple return of 4.5x at an IRR of 26%. The GP stated the company's turnover grew fivefold during its ownership.

Bowmark, which acquired Nexus through a limited auction, plans to mainly rely on the company's organic growth, but does not rule out bolt-ons for its new portfolio company. 

Previous funding
Livingbridge first invested in Nexus in 2008 in a £9.5m deal, acquiring the business from its founder.

Company
Founded in Leeds in 1999, Nexus connects vehicle rental companies with corporate customers via its online booking and rental management system. The company states it provides its 800 customers with access to 500,000 vehicles sourced from 130 rental companies.

People
David Brennan is CEO of Nexus. Amy Yateman-Smith is investment director at Livingbridge. 

Advisers
Equity – OC&C, Mark Jannaway (Commercial due diligence); PwC, Chris Glazier (Financial due diligence); Cloud Origin, Richard Hall (IT due diligence); King & Wood Mallesons, Jonathan Pittal (Legal); PwC, Matt Woolgar (Tax); DC Advisory, Ben Thompson (Corporate finance); DC Advisory, Ciara O'Neill (Debt advisory); Marsh, Christian Short (Insurance due diligence).
Vendor – Addleshaw Goddard, Garry Elliott (Legal); PwC, Mark Maitland (Commercial due diligence); Deloitte, Matt Henderson (Financial due diligence); Intuitus, Adrian Astley-Jones (IT due diligence).
Management – Park Place, Tim Simpson (Corporate finance); Squire Patton Boggs, Jonathan Jones (Legal).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Consumer
• Secondary buyout
• United Kingdom