HG Capital’s acquisition of Zenith has now completed following approval by the Financial Conduct Authority, Fleet News can reveal.
The purchase comes four months after private equity group HG Capital became the majority shareholder in Leasedrive Group.
Zenith chief executive Tim Buchan, commenting on both deals, said: “We have established a new Holding Board (Zenith Leasedrive Holdings Ltd), and I have been appointed as CEO of the group and will lead the business along with Mark Phillips as CFO.
“Mark and I will also be joined on the Board by Jon Walden as chairman, HgCapital’s managing director Andrew Land and Leasedrive’s David Bird and Roddy Graham. The Holding Board will focus on strategy and governance and will also explore and implement best practice across the group.”
Whilst Zenith and Leasedrive will continue to trade under their existing brands, Buchan has also established a new operating board with executive representation from both organisations. This operating board will be responsible for managing and overseeing day to day delivery across the wider group.
“This is a hugely exciting time for Zenith and Leasedrive,” he added. “We are both award winning businesses and by integrating our organisations we will significantly strengthen our competitive position and provide a platform for strong future growth.
“Together with my team it is our intention to continue to develop and deliver industry leading solutions and to leverage the skills and experience of both businesses to help support all of our customers mobility needs today and in the future.”
Read more: HG Capital acquistion of Zenith confirmed