Funds managed by HgCapital are to acquire a majority stake holding in the parent company of Zenith Vehicle Contracts Group from Morgan Stanley Global Private Equity (MSPE), subject to regulatory approvals.
The contract hire and leasing company was recently ranked 12th in the FN50’s list of the UK’s top 50 contract hire companies, with a risk fleet of 27,300 vehicles.
Tim Buchan, chief executive officer, says: “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.”
HgCapital’s Andrew Land says: “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 Buchan and Mark Phillips alongside the existing management team plus the addition of HgCapital’s Land, Nick Turner and Simon Cottle.
Terms of the transaction have not been disclosed.
