The transaction expands the company’s panel of lending partners, bringing Lloyds and ICG alongside long-term funders RBS and HSBC. Zenith continues to be majority owned by Morgan Stanley Global Private Equity, which invested in the business in September 2010. 

Mark Phillips, Zenith’s chief financial officer, led the process and commented: ‘The company has significantly de-leveraged since Morgan Stanley Global Private Equity’s acquisition. We therefore had the opportunity to improve the efficiency of our capital structure. We took advantage of an attractive financing environment to raise additional financing and position our company for continued growth and expansion.’ 

Jean-Marc Jabre, executive director, Morgan Stanley Global Private Equity, added: ‘Zenith has been on a roll, winning new customers and earning the industry’s recognition through a number of awards this year. We’re very proud of what the business has achieved and supportive of its vision for continued growth and success.’ 

Zenith was advised by Deloitte’s debt advisory team and took legal advice from Weil, Gotshal & Manges. Due diligence was provided by KPMG and Squire Sanders. Addleshaw Goddard represented the lenders.