Fleet News

Ownership changes for Powermarque and Zenith

VENSON Group has acquired Powermarque, a subsidiary of AWG in a deal worth £34.5 million during the festive break.

The acquisition of Powermarque, which has fleet management and supply contracts with AWG and other significant corporate and public sector customers, will add approximately 4,500 vehicles to Venson's portfolio.

Martin Dooney, Venson's chief executive said: 'Venson is delighted to have acquired Powermarque, which provides a strategic fit with the existing operations of Venson, offering an attractive customer base and scope for further growth and cost efficiencies.

'This deal represents an excellent opportunity for Venson and will strengthen its blue-chip customer base, as well as enabling us to improve the service we offer to our existing clients on the public-private interface.'

The announcement came as Zenith Vehicle Contracts, based at Calverley, Leeds, and one of the UK's largest independent vehicle leasing companies, announced it had been bought by its management for an undisclosed sum.

The management team – headed by managing director Andrew Cope, finance director Mark Philips and sales and marketing director Philip Jerome – has been backed by venture capitalist 3i.

Zenith was established 14 years ago by a team headed by Henry Dean. It is now providing fleet management for about 11,000 vehicles throughout the UK.

As a result of the buyout, the founder directors will all leave the company. Cope said: 'Our on-going aim is to be the supplier of choice for all companies looking for creative solutions to their fleet needs.'

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