Morgan Stanley acquires Zenith Vehicle Contracts

Zenith's management will retain a 40% stake in the company. Financial details have not yet been disclosed.

The deal marks a quartnerary buyout for the fleet management business. 3i originally backed the management buyout of the company in 2003 for £12m. Dunedin then bought a minority stake from 3i in 2005 for £27m, with management holding a majority share. In 2007, Barclays Private Equity bought a majority stake from Dunedin and management for £40m.

Founded in 1989, Zenith Vehicle Contracts is a Leeds-based out-sourced contract hire and fleet management provider, targeting clients with a typical fleet size of 100 to 1,000 vehicles. The company now manages over 27,000 vehicles.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

 

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