Fleet management and logistics company IFC has acquired Fownd, a provider of daily rentals for commercial vehicles, for an undisclosed sum.
Birmingham-based Fownd provides daily rental of cars, vans and refrigerated units to a number of customer segments, from SMEs to large corporates.
Its website lists rentals for up to 48 months and 50,000 miles. IFC said over time it will expand the product portfolio.
IFC said the acquisition will go on to reinforce the collaboration with Goodwood Rental, another rental provider that IFC has been partners with since 2016.
It said Fownd’s back office systems would migrate to IFC’s rental platform while still maintaining Fownd’s independence over brand, invoicing and management reporting.
Paul Chater, commercial director at IFC, told Motor Finance and Leasing Life: “We don’t intend to change the core Fownd products as they are already mature and a good match for customer needs, we do however intend to streamline activities where we can to improve speed and/or quality of service. For instance consolidated invoicing or an enhanced booking portal functionality.
“We also hope to bring other group products to our new customers. IFC offers a wide range of traditional and technical services to the fleet market including fleet administrative support, vehicle refurbishment and mileage management tools that we feel may be of value.”
Paul Tuszynski, managing director of Fownd, who founded the business in 2008, will continue in his current role.
Tuszynski said: “IFC has a long track record of providing high quality, traditional and technology-based fleet services, and already provides a vehicle rental solution similar to ours to many prestigious and well-known companies.
“Over the coming months, IFC’s wealth of knowledge and experience of this market will be brought to the Fownd business with greater investment in systems and processes.
“I am very proud of what we have achieved in the business over the last nine years, but welcome the chance to join with IFC because of the similar culture and strong customer focus that the company offers.
IFC managing director, Paul Talbot, said: “Fownd had been approached by another suitor, but they added no value to the current offering and would have absorbed the company, losing the name, culture and reputation of the business. Under IFC’s stewardship, Fownd is ready to grow and flourish, and this new relationship will allow it to do so.”
IFC was launched by Talbot in 2001. Over its lifetime, it acquired a number of companies, including BBS Fleet Logistics in 2004 and fleet managers Spectrum Car Scheme Management in 2014, with the latter reportedly expanding IFC’s fleet by 20%.