Zenith is to be acquired by Bridgepoint from Hg Capital in a transaction totaling £750 million. Established in 1989 and headquartered in Leeds, the company focuses on both the corporate car and consumer markets with services that typically range from funding company cars or commercial vehicles, providing flexible employee benefit schemes or to delivering fully outsourced fleet management services. It also provides ‘white label’ back office fleet management systems and services to vehicle manufacturers and financial services businesses.
Tim Buchan, chief executive officer of Zenith, said of the transaction: “This marks another milestone in the development of Zenith. We thank Hg for their contribution and welcome Bridgepoint as our new partner. They share our ambitions to consolidate and grow our position as the No 1 corporate fleet provider in the UK and to transform Zenith into a broader based business.”
The UK fleet services market is a large, growing and resilient market worth c.£14bn (c.5m vehicles) thanks to increased outsourcing and employment growth. Salary sacrifice (through which employees lease cars for personal use) has tripled in the last three years and is expected to continue to grow over the next five years.