Fexco buys car rental company

KERRY-BASED payments company Fexco continued to blaze a trail of acquisitions yesterday when it snapped up a Northern Ireland-based car rental company for approximately €8 million.

Fexco, based in Killorglin, declined to give the precise amount it paid for Nova RentaCar Reservations, a Co Down online search and booking engine for travellers looking to hire a car, citing confidentiality agreements. But industry sources valued the business at up to €8m based on its throughput of over 60,000 car rentals over the last year.

The company has relationships with several leading global brands including Budget, Europcar and National. Nova offers car rentals at more than 3,000 locations around the world and will be incorporated into Fexco’s travel and leisure division following the takeover.