Leeds-based car leasing and fleet management firm Zenith said its new owner Bridgepoint acquired Contract Vehicles Holdings Limited group (CVL) from its shareholders “as Zenith builds the UK’s only independent one-stop-shop, HGV to car mobility provider.”
Leeds-based CVL is a commercial vehicle contract hire and fleet management firm specialising in the HGV market and manages more than 20,000 vehicles.
Last month, Zenith said it would be acquired from Hg Capital by private equity firm Bridgepoint for £750 million.
Zenith has more than 500 employees and operates a fleet of 85,000 vehicles.
Zenith CEO Tim Buchan said: “The combined organisation will deliver a truly unique proposition for car, van and HGV operators in the UK.
“CVL will operate as a standalone business, but will benefit from Zenith’s core infrastructure and funding.”
Bridgepoint’s Emma Watford said: “The acquisition is complementary and is one of the building blocks we identified when we acquired Zenith to allow the company to open up new markets and extend its offer in the UK and Europe.”
CVL CEO Doug Smith said: “This is an exciting development for CVL, its customers, employees and suppliers.
“The Zenith and CVL values and approach to customer service are strongly aligned and Zenith’s scale and funding capacity will enhance CVL’s ability to deliver exceptional service to its customers.”
Zenith and Bridgepoint were advised by Squire Patton Boggs (legal), White & Case (legal), KPMG (financial due diligence and tax), Weil lLegal), Henderson (insurance) and ERM (ESG).
CVL and its shareholders were advised by Deloitte (corporate finance and financial due diligence), DLA Piper (legal), Mazars (tax) and OC&C (commercial due diligence).
The Zenith and Bridgepoint transaction remains subject to regulatory approval.