Today it has been announced that car leasing firm, Zenith has been sold, with owners, HgCapital, letting the organisation go for an attractive £750m. Allegedly, the Leeds-based hire firm has been acquired by Bridgepoint, continuing to develop the company and enter new markets.
Zenith is a firm that is well known for their car leasing service, offering their services as a breakdown solution to a while list of blue-chip companies. As the largest independent vehicle leasing businesses in the UK, Zenith enjoy working with big name businesses like Greene King, Asda, Santander and the likes.
Acquiring Zenith due to its “proven business model”, Bridgepoint sees potential, with companies such as Pret a Manger, Deliveroo and Fat Face features in their investment portfolio.
Estimating that the UK fleet services market is worth around £14bn, Zenith are confident that there is a bigger piece of the pie out there for them, and with the help of their new investors, they could certainly scale the business up ever more.
Mark Phillips, chief financial officer of Zenith, said: “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.”
Let us know what you think, is there space for companies like Zenith to triumph in this competitive hire market? Let us know what you think!