Zenith boss to lead joint board as acquisition by Hg Capital confirmed
12 March 2014
The £200m deal by private equity firm Hg Capital to acquire a controlling interest in leasing firm Zenith has received Financial Conduct Authority approval, concluding its acquisition.
The approval also confirms the formation of a holding board of both Zenith and Leasedrive, which Hg acquired late last year. Zenith chief executive Tim Buchan has been confirmed as chief executive of Zenith Leasedrive Holdings Ltd, with former Lex Autolease boss Jon Walden appointed chairman, and Hg Capital managing director Andrew Land, and Leasedrive boss David Bird and commercial director Roddy Graham also sitting on the board.
The holding board will "focus on strategy and governance and also explore and implement best practice across the group", according to a statement from Zenith.
"By integrating our oganisations we will significantly strengthen our competitive position and provide a platform for strong future growth," said Buchan, who also said the two companies will continue to trade under their existing brands.
The combined Leasedrive and Zenith fleets create a new top-10 leasing player at the same sort of level as GE Capital and Hitachi Capital. In the last BC50 run-down of the UK's biggest leasing firms, Zenith placed number 13, two spots ahead off Leasedrive.