Zenith announces acquisition of Leeds-based Contract Vehicle Holdings

Zenith, the largest independent vehicle leasing business in the UK, has announced the acquisition of Leeds-based Contract Vehicle Holdings (CVL).

This announcement comes just weeks after Zenith was taken over by private equity fund Bridgepoint in a £750m deal.

CVL is a provider of commercial vehicle contract hire and fleet management solutions specialising in the HGV market, which manages over 20,000 vehicles.

Tim Buchan, Zenith’s chief executive officer, said: “We are delighted to announce this acquisition as we expand our total mobility provision. The combined organisation will deliver a truly unique proposition for car, van and HGV operators in the UK.

“CVL will operate as a standalone business, but will benefit from Zenith’s core infrastructure and funding.”

Bridgepoint’s Emma Watford commented: “CVL has an excellent technology platform and shares Zenith’s customer-centric culture.

“The acquisition is complementary and is one of the building blocks we identified when we acquired Zenith to allow the company to open up new markets and extends its offer in the UK and Europe.”

Doug Smith, CVL’s chief executive officer, added: “This is an exciting development for VL, its customers, employees and suppliers.

“The Zenith and CVL values and approach to customer services are strongly aligned and Zenith’s scale and funding capacity will enhance CVL’s ability to deliver exceptional service to its customers.”

Zenith and Bridgepoint were advised by Squire Patton Boggs, White & Case, KPMG, Weil, Henderson and ERM. CVL and its shareholders were advised by Deloitte, DLA Piper, Mazars and OC&C.