Formed through the merger of Zenith Vehicle Contracts and the Leasedrive Group, in March 2014, we identified a number of synergies that would allow the Zenith Group to grow into being a true champion, in the vehicle leasing industry. This video explains more.
Zenith provides contract hire, short-term hire and fleet management services through its fleet of over 64,000 vehicles.
It has over 500 employees, based across its headquarters in Leeds, and full-service operations in both Solihull and Wokingham.
In 2011 we identified the vehicle leasing industry as an area for investment focus. We began building a relationship with the management and shareholders of both Zenith and Leasedrive which allowed us to acquire Leasedrive, in an exclusive transaction, at the end of 2013. In early 2014, we then acquired Zenith, through a bilateral transaction, and merged the two companies to create the new Zenith Group.
Our Investment and Operational Innovation teams worked with the new organisation to identify areas of commercial and cultural synergy, that could underpin growth. We used our understanding of where value was created, within the business, to establish Zenith as one of the leading vehicle leasing organisations in the UK.
In March 2017, we completed the sale of Zenith to Bridgepoint in a transaction totalling £750 million at an uplift to book value of 23%. The combined return (including the 2015 refinancing) delivered a 2.9x investment multiple and a 46% gross IRR over the investment period.