HgCapital becomes fifth PE backer of Zenith

According to The Telegraph, the deal was valued at £200m, of which £21m was invested from the HgCapital Trust, alongside an equity contribution from HgCapital 6 fund.

According to unquote" data, the deal marks the fifth time the company has been owned by private equity.

MSPE acquired a 60% stake in Zenith in August 2010 from Barclays Private Equity (now Equistone Partners Europe) with management retaining the remaining 40%. The company was understood to be valued at £85m at the time.

3i originally backed the management buyout of Zenith in 2003 for £12m. In 2005, Dunedin picked up a minority stake for £27m, with management holding a majority interest. Barclays Private Equity acquired a majority stake from Dunedin and management for £40m in June 2007.

Company
Established in 1989, Zenith provides vehicle fleets to corporates in the UK. The company is based in Leeds and focuses on outsourced contract hire and fleet management.

People
Tim Buchan is the CEO of Zenith. Chairman Andrew Cope has stepped down from his role but will retain an investment in the company.

HgCapital's Andrew Land, Simon Cottle and Nick Turner joined Zenith's board as part of the deal.

Advisers
Company – DC Advisory (Corporate finance).

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