Equistone buys stake in T.O.M Vehicle Rental
Private equity firm Equistone has bought a majority stake in T.O.M. Vehicle Rental for an undisclosed sum. Tim Swales and Paul Harper from Equistone will join the board of the commercial vehicle rental firm that generated £213m in the year ending March 2016.
Robert Stewart, chief executive officer of T.O.M. Vehicle Rental, said: “Equistone’s investment in T.O.M. is transformational. This support will allow us to accelerate the expansion in our market share, number of UK locations, fleet size, customer base, and rental offering.”
T.O.M. provides long-term truck, trailer and van hire to more than 900 customers from 11 sites across the UK. It also operates commercial vehicle dealerships at five sites for its two franchised dealer brands, Mercedes-Benz and Citroën.