The Budget

New equity partner for Zenith

30 / 01 / 17  |  Economy

The highly regarded contract hire and leasing company was recently ranked 7th in the FN50 list of the UK’s top 50 contract hire companies and manages 85,000 vehicles.  Tim Buchan, chief executive officer commented:

“We thank HgCapital for their contribution and are pleased to welcome Bridgepoint as our new partner. We look forward to working together on our long-term strategy of continued investment in new markets, digital transformation, alternative vehicle asset classes, value proposition and platform developments.” 

Mark Phillips, chief financial officer commented “Through the support of private equity and our banking partners, Zenith has been able to grow and Bridgepoint’s new investment will support the management team to continue to build Zenith, open up new markets and extend the value proposition both in the UK and Europe”.

Bridgepoint’s Emma Watford said: “Zenith is already best-in-class with a proven business model that has had an unbroken track record of growth over a long period. It benefits from an exceptional management team and, with them, we believe that the business can continue its impressive growth trajectory through its continued focus on customer service, technology and targeted acquisition activity.”

HgCapital’s Andrew Land said: “We have had a very successful partnership with the Zenith management team and are proud to have been part of the Company’s success.  The business model has been a great fit with Hg’s investment strategy, providing mission-critical services to customers through long-term relationships and the use of proprietary technology.  We have no doubt that Tim, Mark and the rest of the team will have continued success working with Bridgepoint.”

The Zenith board continues to be led by Tim Buchan and Mark Phillips plus representatives of Bridgepoint alongside the existing management team.

The company was advised by Evercore, Deloitte, Squire Patton Boggs, KPMG, OC&C, Weil and Sidley Austin.