IFC Fleet Services acquires daily rental provider Fownd

IFC Fleet Services Group (IFC) has expanded its vehicle rental capabilities with the acquisition of daily rental provider Fownd for an undisclosed sum.

The Bedfordshire-based fleet management and logistics specialist sees the acquisition as an ideal strategic fit with the Goodwood Rental business that IFC entered into a strategic partnership with in 2016, and which has allowed it to expand its vehicle rental offering to corporate fleets.

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.

Paul Talbot, managing director of IFC, 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."

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.

Fownd managing director Paul Tuszynski will continue in his current role, although now as an employee of IFC.

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.

Pictured (from left) Paul Chater, commercial director, IFC Group; Paul Tuszynski, managing director, Fownd; Paul Talbot, managing director, IFC Group.