HgCapital, the Manager of HgCapital Trust plc has announced that it has agreed the sale of Zenith, the largest independent vehicle leasing business in the UK, to Bridgepoint in a transaction totalling £750 million.
HgCapital is pleased to announce that it has agreed the sale of Zenith, the largest independent vehicle leasing business in the UK, to Bridgepoint in a transaction totalling £750 million.
Headquartered in Leeds, with full-service operations in both Solihull and Wokingham, Zenith has over 500 employees and provides end-to-end automotive solutions focused on contract hire, salary sacrifice, fleet management and short-term hire services to customers across the UK. The company operates a fleet of c.85,000 vehicles and focuses on serving blue-chip customers, principally as sole supplier.
Zenith was recently ranked 7th in the FN50's list of the UK's top 50 contract hire companies. HgCapital initially invested in Leasedrive in December 2013 (with LDC retaining a minority stake in the business), subsequently completing the merger with Zenith in February 2014, and the business has operated as a single entity since March 2014.
The merger of Zenith and Leasedrive was driven by the highly complementary nature of the two businesses and the potential to create economies of scale.
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