RP invests in Flex To Go, backing car rental agency’s expansion
Resource Partners is acquiring a significant stake in Flex To Go via its Luxembourg-registered fund, backing the largest chain of airport car rental outlets in Poland as it expands its operations in Germany and enters new European markets.
Flex To Go offers a fleet of more than 1,500 cars at Poland’s top nine airports, as well as two in Germany, and has handled more than 230,000 reservations since its founding in 2014. The company is one of the top three rental operators in Poland on booking.com. It offers a full range of vehicles, from small city cars, through SUVs and luxury autos, to delivery vans.
“One of the key factors in our rapid growth is our cutting-edge IT solutions, which allow us to dynamically adjust prices to demand, winning clients who are searching for deals via price aggregators,” CEO Piotr Zięcik said. “Building out our German business and pushing into new markets are at the heart of our strategy, and with Resource Partners we’ve found the ideal backer to help us bring this vision to life.”
Founded in 2014 by Zięcik, the company pursues a strategy of targeting international tourists with a combination of competitive pricing for basic rentals and a broad packet of additional services. Flex To Go has plans for nine new locations in the near future, including the airports in Stuttgart, Memmingen, Munich and Frankfurt this year.
Resource Partners will take a 40% stake in Flex To Go through a capital increase. This is the first investment in the transportation sector for the fund, which has experience in products and services for individual consumers. Founded in 2009, Resource Partners invests in fast-growing medium-sized companies with experienced management teams.
“As an investor, we have many years of experience supporting European companies that provide high-quality services to consumers and have ambitious plans to expand abroad,” said Resource Partners Co-founder and Managing Partner Piotr Noceń. “We see strong demand for outstanding car rental services from occasional travelers, and thanks to its innovative approach, Flex To Go is the perfect fit for this niche. We’re very impressed by what they’ve managed to achieve thus far, and we’re pleased to be able to support them as they grow further.”
To complement its standard short-term rentals, Flex To Go is also developing monthly rentals. In addition to booking.com, it works with RentalCars.com, Expedia, Check-24 and the airlines WizzAir and Ryanair. Its fleet includes offerings from Audi, BMW, Cupra, Fiat, Kia, Mercedes, Opel, Toyota and Volkswagen.
About Resource Partners
Resource Partners is an independent private equity investor founded in 2009 by a team of experienced managers, who previously oversaw similar investments at leading regional and international financial institutions and funds. So far Resource Partners has invested more than €300 million in the development of 16 medium-sized companies in Poland and other Central and Eastern European countries. Resource Partners invests in fast-growing businesses with experienced management, supporting them with their experience in managing rapid organic growth and integrating acquisitions.
About Flex To Go
Flex To Go is a dynamic technology company specializing in car rental, providing convenient and safe travel through cutting edge mobility services. Founded in 2014 by Piotr Zięcik, who remains the company’s CEO, Flex To Go has established itself as one of the largest operators on the booking.com platform in Poland. It operates a fleet of more than 1,500 cars, offering a wide range of vehicles, from small city cars to luxury SUVs. Flex To Go’s competitive advantages include innovative IT solutions, pricing flexibility and providing customers with a comprehensive package of services.
Resource Partners: Flex To Go:
Piotr Noceń Piotr Zięcik
+48 601 812 792 + 48 609 528 433
Resource Partners exits Tołpa to Bielenda Kosmetyki Naturalne („Bielenda”). Bielenda, supported by Innova Cap-ital will acquire 100% of shares in Torf Corporation, the owner of Tołpa and ON brands.
Małgorzata Bobrowska was interviewed by Real Deals Magazine on how Resource Partners delivered a 3x return and an 80% IRR with Maced exit.