Business to Business vehicle hire provider, TOM Vehicle Rental (TOM), has announced the acquisition of Transflex Vehicle Rental (Transflex), a specialist in flexible fleet rentals to businesses.
The deal sees Transflex’s 3,500 cars and light commercial vehicles, four depots and 80 employees join the larger TOM business.Managing director Peter Abdale, sales director Gary Henry, operations director Nick Skillman, and finance director Tina Lynas from Transflex will all join 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 vans, trucks, trailers and cars, 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.
TOM completed a management-led buyout in December 2016 supported by private equity firm Equistone Partners Europe.
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.”
Peter Abdale, managing director of Transflex, added: "We’re delighted to be joining TOM Vehicle Rental, a company which shares both our ambitious growth plans and our resolute commitment to high-quality flexible vehicle rental service. Under TOM’s ownership, the Transflex brand will be able to offer its valued customers access to a UK-wide branch network and an enlarged asset inventory."
TOM was advised on the transaction by legal firm, Travers Smith (James Renahan, James Parker, Robert Coward and Clare Skinner), with Grant Thornton providing financial and commercial due diligence support. Newcastle-based commercial law firm Muckle LLP (Matthew Walsh and Claire Willcock) advised Transflex shareholders, with support from Muckle’s specialist real estate team.