The deal sees private equity firm HgCapital acquire a majority stake in Leeds-based Zenith Vehicle Contracts from Morgan Stanley Global Private Equity (MSPE).
The acquisition comes just two months after HgCapital’s acquisition of 80% of the Leasedrive Group.
Talking after the completion of the acquisition of Zenith by HgCapital, Zenith CEO Tim Buchan commented: ‘I am delighted to confirm that we have now received FCA approval and completed our transaction with HgCapital.
‘You may also be aware that at the end of 2013 HgCapital purchased Leasedrive, another highly regarded independent player in our sector. Following both acquisitions, we have established a new Holding Board (Zenith Leasedrive Holdings Ltd), and I have been appointed as CEO of the group and will lead the business along with Mark Phillips as CFO. Mark and I will also be joined on the Board by Jon Walden as Chairman, HgCapital’s Managing Director Andrew Land and Leasedrive’s David Bird and Roddy Graham. The Holding Board will focus on strategy and governance and will also explore and implement best practice across the group.
‘Whilst Zenith and Leasedrive will continue to trade under their existing brands, I have also established a new Operating Board with a wealth of experience and executive representation from both organisations. This Operating Board will be responsible for managing and overseeing day to day delivery across the wider group.
‘This is a hugely exciting time for Zenith and Leasedrive. We are both award winning businesses and by integrating our organisations we will significantly strengthen our competitive position and provide a platform for strong future growth. Together with my team it is our intention to continue to develop and deliver industry leading solutions and to leverage the skills and experience of both businesses to help support all of our customers mobility needs today and in the future.’
