Nexus Vehicle Rental has sold accessible vehicle hire company Adapted Vehicle Hire (AVH) to Newship for an undisclosed sum.
AVH is the one of the UK’s largest providers of specialist rental vehicles for disabled motorists, servicing both domestic and business users.
Providing a wide range of wheelchair accessible and adapted cars for hire, it caters for all types of disability, with vehicles modified at its own specialist facility.
However, its decision to sell the business nine years later is part of a strategic move by the company to focus on the growth of its core, tech driven vehicle solutions business which has delivered significant, sustained growth year on year.
David Brennan, CEO of Nexus Vehicle Rental, said: “As part of our continued growth strategy we are now focusing solely on technology solutions for vehicle rental and management, which is where we have demonstrated significant market strength and leadership.
“AVH is a fantastic, asset owning business but one that no longer fits with our strategic direction and has a much more complementary fit within the Newship group. As such I am confident it will flourish under its new ownership.”
In January, Nexus Vehicle Rental reported a double digit increase in profitability and revenue for the fifth year running and last year secured £142 million private equity investment from Phoenix Equity Partners to fuel further expansion and development of its proprietary vehicle rental and management technology, IRIS.
Founded more than 40 years ago, the Newship Group generates revenues in excess of £200m per annum and employs over 750 people across Europe.
Richard Newman, Newship Group CEO, said: “We are delighted with this addition to our specialist vehicle and event hire portfolio and look forward to working with the AVH team.”
The Group is made up of manufacturing, distribution and hire businesses operating in the packaging, construction, engineering and premium hire sectors.