Olswang has advised leading vehicle rental broker, Nexus Vehicle Rental, a portfolio company of longstanding client of the Firm, ISIS Equity Partners ("ISIS"), on the acquisition of the vehicle rental management arm of FMG Support Limited ("FMG Support").
Nexus Vehicle Rental is one of the UK's largest rental broker companies and Olswang advised on its £11 million MBO led by ISIS in February 2008. The acquisition of the FMG Support entity expands Nexus' client base and complements its market leading services in the vehicle rental space.
Olswang Corporate Partner, Stephen Rosen, said, "Since the MBO, Nexus Vehicle Rental is developing into a leading global provider of corporate vehicle rental services and in acquiring the FMG rental management business, the Company's offering will expand considerably. Even in these undoubtedly challenging times, this acquisition demonstrates that a well backed investee company which has a clear strategy is able to identify and acquire significant opportunities for growth, and we see this sort of acquisition becoming more frequent in the coming months."
Olswang's Private Equity Group, which is part of the Firm's wider Corporate Group, has recently acted for ISIS on its investment in broadcast and digital public relations agency, Television Consultancy Limited; the sale of ISIS' shareholding in international environmental consultancy SLR Holdings to 3i in a secondary buyout worth in the region of £100 million; and on the successful £7 million replacement capital transaction of Playforce Limited.
Stephen Rosen led the Olswang team with assistance from Corporate Associates Carsten Greve and Adam Crossley.
DLA Piper advised FMG Support.