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Bridgepoint acquires UK’s ‘largest independent leasing business’ for £750m

Private equity firm HgCapital has sold Leeds-based Zenith, which is one of the UK’s largest independent leasing businesses, to fellow private equity house Bridgepoint.

The transaction for the business, which also has a presence in Solihull and Wokingham, totals £750m and follows its merger with Leasedrive in February 2014, a company which HgCapital had originally invested in.

Now boasting a fleet of around 85,000 vehicles and a 500-strong workforce, Zenith was also recently ranked 7th in a list of the UK’s top 50 contract hire companies.

Following confirmation of the deal, Andrew Land, Partner, HgCapital, said: “We have had a very successful partnership with the Zenith management team and are proud to have been part of the Company’s success.

“The business model has been a great fit with Hg’s investment strategy, providing mission-critical services to customers through long-term relationships and the use of proprietary technology.

“We have no doubt that Tim, Mark and the rest of the team will have continued success working with Bridgepoint.”

Tim Buchan, Chief Executive Officer at Zenith added: “We thank HgCapital for their contribution and are pleased to welcome Bridgepoint as our new partner. We look forward to working together on our long-term strategy of continued investment in product and system developments.”

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