Morgan Stanley Private Equity has acquired a majority stake in Zenith Vehicle Contracts Group Limited.
The private equity company agreed to acquire a 60% stake in Zenith, which trades under the name Zenith Provecta and currently sits at number 17 in the FN50 with some 20,000 funded vehicles under its control.
Zenith’s management will retain a 40% stake in the company.
The terms of the transaction were not disclosed.
Brian Magnus, head of MSPE in Europe, said: “We are delighted to invest in Zenith and to support its high-calibre management team, which has successfully built the company over an extended period. We look forward to working closely with them to ensure its continued
growth and success.”
Andrew Cope (pictured), chief executive officer of Zenith, said: “We are excited to welcome MSPE as our new partner and look forward to working closely on our shared vision developing the company’s true potential in the coming years.”
“The new partnership will allow the continued organic growth of Zenith and potentially growth by acquisition. We believe that being part of the Morgan Stanley franchise will provide real comfort and security for our customers and partners.”
The transaction is subject to regulatory approval.
Read more about the deal in this coming issue of Fleet News, which is out on Thursday August 19.