Berkshire-based Leasedrive was established in 1983 and merged with Velo at the start of 2007 to form one of the largest independent privately owned vehicle management groups in the UK.

In 2008 Leasedrive Velo Group was involved in a senior management buy-out in a transaction valued at £80m backed by private equity house Lloyds Development Capital (LDC). In 2011, Masterlease UK was integrated into the group, signalling a return to the Leasedrive brand name.

Commenting on the Leasedrive acquisition in a statement, HgCapital, the manager of HgCapital Trust, said the trust will contribute a total of approximately £14.6m to the deal.

The trust will participate in the acquisition of Leasedrive alongside institutional investors in the HgCapital 6 fund, which is also managed by HgCapital.

Leasedrive said that the deal is very similar to its investment from LDC and will enable further development of the firm.