Vehicle leasing giant to acquire £60m Leeds rival
Private equity-backed vehicle rental company Zenith has bought a Leeds-based rival.
Leeds-based Zenith, which was acquired by private equity firm Bridgepoint from HgCapital for £750m last month, has agreed a deal to buy CVL, also based in Leeds.
CVL (Contract Vehicle Leasing) has a turnover of £61.5m and a fleet of more than 12,000 vehicles. Its clients include Coca Cola and Jewsons.
The deal, for an undisclosed sum, takes Zenith into HGV leasing for the first time.
Zenith, which also has operations in Solihull and Wokingham, has more than 500 employees and a fleet of around 85,000 vehicles.
Bridgepoint acquired Zenith in January, making it the sixth MBO of the company in 14 years.
Deloitte was adviser to CVL, while Bridgepoint and Zenith are being advised by KPMG. Squire Patton Boggs also advised Zenith. Its team was led by corporate partner Jonathan Jones, assisted by Mae Salem.
The Deloitte team that advised the CVL shareholders was led by practice senior partner Martin Jenkins and included David Frith, Oliver McRae and Jeremy Thomas. Deloitte also provided Debt Advisory services to CVL led by director Anil Gupta and vendor financial due diligence led by partner Matt Henderson.
Jenkins commented: “CVL is a business of great quality that is highly respected by its customers and competitors alike. Its robust business model, quality of earnings and exceptional track record of uninterrupted profit growth meant the business was very attractive to both strategic and private equity acquirers.
“The shareholders of CVL are confident that the business will thrive and fulfil its significant potential under Bridgepoint and Zenith’s ownership”.
