BIMBO of Leasedrive VELO

Nigel Stephens, ex Vice President and CFO of Budget Rent-a-Car International Inc, has led the management team to the acquisition from Kleinwort Benson of VELO, the vehicle management and contract hire specialist.

EAC backed the management team who will hold a ratcheted minority stake in the business. Jonathan Heathcote led the transaction.

Mark Ledger-Beadell of Meta said: “I have worked with Nigel on a number of transactions where we have been thwarted by big ticket players seeking market share. The transactions at this end of the market have ceased leaving substantial opportunity to effect a buy and build strategy within the mid‑market.”

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