Equistone-backed TOM Vehicle Rental acquires Transflex Vehicle Rental
TOM Vehicle Rental (“TOM” or “the Company”), the UK’s fastest-growing business-to-business flexible vehicle hire provider backed by Equistone Partners Europe (“Equistone”), has today acquired Transflex Vehicle Rental (“Transflex”) for an undisclosed sum.
The deal sees Transflex’s 3,500 cars and light commercial vehicles, four depots, and 80 employees join the larger TOM business, with Peter Abdale (Managing Director), Gary Henry (Sales Director), Nick Skillman (Operations Director), and Tina Lynas (Finance Director) from Transflex all joining the TOM executive management team. The combined business becomes the third-largest light commercial, flexible rental business by assets in the UK, with a rental fleet of over 16,000 cars, vans, trucks, and trailers across a UK depot network of 15 sites comprising six in Scotland, five in the North of England, and four in the South. Following the deal, both brands will continue to operate in the UK market, serving their well-established and valued customer bases.
The acquisition of Transflex is the first made by TOM since Equistone invested in the Company in December 2016.
Robert Stewart, Chief Executive Officer of TOM Vehicle Rental, said: "The purchase of Transflex Vehicle Rental comes at the right time and is a strong fit with our strategy to increase our UK market share by adding to our existing network, increasing our fleet size and customer base. Transflex has built a strong reputation for providing high-quality vehicles and excellent customer service over many years and this will continue going forward. The acquisition enables TOM to continue improving customer service through greater UK coverage and a larger available fleet offering.”
Tim Swales, Partner at Equistone Partners Europe, commented: “TOM is distinguished within the UK vehicle rental sector by the pace of its growth and the ability of its management. With the addition of Transflex further strengthening the Company on both counts, TOM is well positioned to maintain its impressive trajectory.”
Paul Harper, Partner at Equistone Partners Europe, added: “This deal demonstrates how Equistone is able to support the ambitious, acquisitive growth strategies of the management teams that it backs. Alongside the Company’s ongoing organic development, the acquisition of Transflex represents another important milestone in TOM’s journey.”
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