Top 25 leasing firm Zenith has just bought itself out for the third time.

The £40 million deal sees the management, headed by Andrew Cope, set up a new company that's funded by a new venture capital firm. It will buy out the existing company and venture capital firm.

The deal secures the company's future for the next few years and puts the funding in place for an expansion of the business, possibly by acquisition or the development of new products and services.

Zenith Vehicle Contracts managing director Andrew Cope said: "This was essentially a financial restructure. It was about finding the right partner, a venture capital firm with deeper pockets."

Zenith will move from Dunedin to Barclays Private Equity while the management team's shareholding in the company increases to two-thirds.

"This is our third management buy-out in just over three years and our fourth deal in five years," said Cope.

Cope lead a management buy-in five years ago, with the first MBO in December 2003, the second in June 2005 and now the third deal.

Cope added: "You've got to have a partner that shares your aspirations for the business."

Cope lists potential areas for growth as accident management and rental services.

Zenith manages a fleet of 18,500 vehicles with 10,000 risk-exposed. In the business's past financial year it saw an 18% rise in profits from £3.3m to £3.9m on turnover that increased 7% to £65m.