Zenith Vehicle Contracts has acquired Provecta, a leading employee car ownership (ECO) company, for an undisclosed sum.
The deal creates one of the biggest leasing, fleet management and vehicle outsourcing businesses in the UK with a combined fleet of some 26,000 vehicles.
It also gives Zenith, which is based in Leeds, a presence in the south of England.
It will now operate from Provecta’s office in Reading, as well as its base in Yorkshire.
Provecta will continue trading under its current name and existing customers will continue to see a ‘business as usual’ approach, said Andrew Cope, chief executive of Zenith.
Senior Provecta managers, including chief executive, Nick Sutton, will be on the Zenith board.
Some will also become significant shareholders.
“With the changes taking place in the wider market, both Zenith and Provecta customers will see significant value enhancement from our combined strengths,” said Mr Sutton, who is now group development director.
“The merger means we can deliver a cost-effective one-stop shop for every potential driver in a fleet.”
Mr Cope added: “Provecta is an excellent business and is widely recognised as the UK’s foremost expert in delivering ECO schemes.
"There is no doubt that the most cost-effective solution for fleets in the future will be delivered by fleet providers which have the full range of specialist products and services at their disposal.”