HgCapital acquires majority stake in Zenith
The latest deal sees HgCapital take over the majority investment in Zenith from Morgan Stanley Global Private Equity (MSPE) and is subject to regulatory approvals.
Tim Buchan, chief executive officer, commented: ‘We thank MSPE for their contribution and are pleased to welcome HgCapital as our new partner. We look forward to working together on our long-term strategy of continued investment in product and system developments’.
In December last year, following its deal with the Leasedrive Group, HgCapital said it had previously identified the leasing sector as a core focus area.
Commenting on the deal with Zenith, which has a risk fleet of 27,300 vehicles, HgCapital’s Andrew Land said ‘We are delighted to be investing in Zenith and to be supporting its high calibre management team. We look forward to working closely with them to continue their growth and success.’
Zenith’s chairman Andrew Cope will be stepping down from his post, but will remain an investor in the new group. The Zenith Board continues to be led by Tim Buchan and Mark Phillips alongside the existing management team plus the addition of HgCapital’s Andrew Land, Nick Turner and Simon Cottle.
Terms of the transaction were not disclosed.