HgCapital to sell Zenith to Bridgepoint for £750m
Private equity firm HgCapital is to sell Zenith to Bridgepoint in a transaction totalling £750m.
Headquartered in Leeds, with full-service operations in both Solihull and Wokingham, Zenith offer contract hire, salary sacrifice, fleet management and short-term hire services, and operates a fleet of around 85,000 vehicles, with deals focused on blue-chip customers, principally as sole supplier.
Zenith was formed through the merger of Zenith Vehicle Contracts and the Leasedrive Group in March 2014.
HgCapital initially invested in Leasedrive in December 2013 (with LDC retaining a minority stake in the business). In early 2014, HgCapital then acquired Zenith through a bilateral transaction and merged the two companies.
Tim Buchan, CEO at Zenith, commented: “We thank HgCapital for their contribution and are pleased to welcome Bridgepoint as our new partner. We look forward to working together on our long-term strategy of continued investment in product and system developments.”
Emma Watford, partner at Bridgepoint and head of its business services sector team, commented: “Zenith is already best-in-class with a proven business model that has had an unbroken track record of growth over a long period. It benefits from an exceptional management team and, with them, we believe that the business can continue its impressive growth trajectory through its continued focus on customer service, technology and targeted acquisition activity.”