Bridgepoint's Zenith bolts on CVL

The acquisition comes less than a month after Bridgepoint acquired Zenith from HgCapital in a £750m deal, with capital drawn from the €4bn vehicle Bridgepoint Europe V.

Zenith has repeatedly served as a platform for consolidation of the UK's contract vehicle rental market under successive private equity backers. Bridgepoint's ownership marks the sixth time the company has been under private equity tenure, according to unquote" data. During HgCapital's ownership, it merged with another of the GP's portfolio companies, Leasedrive, in February 2014.

The bolt-on of CVL is expected to complete in March 2017.

Company
Founded in 1963 and headquartered in Leeds, CVL manages a fleet of around 22,000 commercial vehicles including HGVs, cranes, tankers and refrigerated vehicles. According to publicly available records the business generated a turnover of £61.5m in the year ending September 2015, with normalised operating profit of £4.7m.

People
Bridgepoint – Emma Watford (partner).
Zenith – Tim Buchan (CEO).

Advisers
Equity – KPMG (financial due diligence); White & Case (legal); Henderson (insurance due diligence); ERM (environmental and social governance); EY (tax).
Company (Zenith) – Squire Patton Boggs (legal); Weil Gotshal & Manges (legal).

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• Topics
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• Bridgepoint