IFC Fleet Services buys Fownd rental business
By Mark Salisbury
Tuesday, March 20, 2018 - 14:04
Bedfordshire fleet management and logistics specialist, IFC Fleet Services Group (IFC) has expanded its vehicle rental capabilities with the strategic acquisition of daily rental provider, Fownd, for an undisclosed sum.
Under the new agreement, Fownd owner and managing director, Paul Tuszynski, will continue in his current role although now as an employee of Ampthill-based IFC.
Tuszynski, who has almost 40 years’ experience in the rental industry, launched the Fownd business in 2008. The company is named after the phonetic spelling of ‘found’ which came about because the business was described as being able to find things for clients that they couldn’t find themselves.
The acquisition is being seen as an ideal strategic fit with the Goodwood Rental business that IFC entered into a strategic partnership with in July 2016, and which has allowed it to expand its vehicle rental offering to corporate fleets.
Like Goodwood, Birmingham-based Fownd is a B2B specialist rental supplier of mainly cars, light commercials and refrigerated units. It provides daily rental services to a variety of corporate clients from SMEs to large corporates, with some flexi-rentals and the provision of multi-term mini-leases as clients require.
Under a phased implementation to ensure the continuity of business, the Fownd back office systems will be gradually migrated over to IFC’s rental platform. However, the brand will continue to have its own identity, web portal, invoicing system and management information reporting structure to maintain its independence within the IFC set-up.
Over time, it is then planned to offer Fownd clients access to an enhanced portfolio of products and systems available through the wider IFC business.
Paul Tuszynski commented: “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.
“I am looking forward to further developing our offering to customers as we continue to explore the possibilities the business offers under this new and exciting relationship,” he said.
IFC managing director, Paul Talbot, said: “Fownd is an excellent fit into our culture, existing client base, core services and system set-up.
“We have a wealth of knowledge of the rental market and are hoping to bring cost efficiencies and service enhancements to fleet customers through this strategic acquisition. Some of these may include or be met by other fleet-related services that we can offer.
“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,” he added.
The new purchase continues the recent acquisition trail that IFC, which has around 20,000 drivers under management, began by buying Cambridge-based fleet management services provider, Spectrum Car Scheme Management, in 2014, which increased its managed fleet size by around 20%.
It then formed a strategic partnership with the Goodwood Rental business in 2016 to extend its portfolio of fleet management, mileage capture and vehicle logistics services to leasing companies and corporate fleet customers around the UK.
IFC was first launched by Paul Talbot in 2001 and provides outsourced fleet and associated services to the fleet industry. The group has grown to its current size through, amongst others, the acquisition of logistical support company, BBS Fleet Logistics, based near Bedford, in 2004, the launch of mileage management provider, Vertivia, in 2008.