Zenith’s Cope takes stake in road incident firm
ANDREW Cope, the former chairman and managing director of Zenith, has bought into road incident specialist FMG.
Cope will be joining the board as executive chairman and will acquire a “significant stake” in the Huddersfield business.
The deal follows that of HG Capital completing its £200m takeover of Leeds-based Zenith, the fifth buyout in 10 years for the business which saw Cope, who had been with the business from its early days, step down from his role.
However, he still remains an investor in the new group.
By acquiring a stake in FMG, Cope continues to have an operational interest in the fleet industry, which started with the formation of Zenith in 1989.
Over a similar time frame, FMG has grown into a major fleet optimisation and incident management provider, holding major contracts with the Highways Agency, Asda, and a number of police forces as well as major insurers.
Chief executive John Catling said: “We’ve admired what Andrew has achieved in the industry, his knowledge and experience of fleet, is undoubtedly going to be a great asset to FMG. His arrival is good news for us, our partners and especially our existing and future customers. This move will further strengthen our position and reputation as leaders in incident management and business mobility.
Cope said: “FMG is a great business focused on its reputation for innovation and quality; I look forward to being involved with a company and people that I’ve respected for many years. The business has a forward thinking attitude, embracing new technology, which has huge positive implications for our customers and prospects. By building on the good work which has been done to establish FMG as a leader in the industry, I’m excited to have the chance to help grow the business further.”
FMG chairman Nick Brown, who will be taking up a non-executive position, and maintaining a significant presence in the business, added: “We’re all welcoming Andrew to the FMG team, and look forward to working with him in the future. I’ve known Andrew for many years. He is a very widely respected figure in our industry, and his insight will add another dimension to FMG’s unique offering. By joining the board, he will offer the business further opportunities to build on our already considerable successes.”
FMG employs 300 people and had turnover of £85m in 2012.
