Under the terms of the deal, managing director Philip Jenkin, and finance director Chris Armitage, co-founders of the 1,000-vehicle firm, will stay on to ensure smooth transition to new ownership.
Fleetlease currently runs a fleet of about 25,000 vehicles, of which about 97 per cent are cars.
Simon Oliphant, managing director, said: 'We are anticipating slow growth in the car leasing market over the next five years, probably no more than 2 per cent.
'Our objective is to expand our fleet by at least 10 per cent per annum and diversify our vehicle portfolio. This means we enter new markets with good growth potential.'