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UK buy-out firm Lyceum sells Leasedrive Velo in £80m deal01/09/2008. Source: AltAssets. 
 UK mid-market buy-out firm Lyceum Capital has sold Wokingham, UK-based vehicle management group Leasedrive Velo to LDC, part of the Lloyds TSB Group, and company management in an £80m secondary buy-out transaction. Leasedrive's management team is led by CEO Roger Partridge, commercial director Roddy Graham and CFO David Bird.
Leasedrive's services include fleet management, contract hire plus short and mid-term vehicle rentals.
LDC's Kevan Leggett and Richard Stewart will join the company's board.
The current management team transacted a debt-only BIMBO of Leasedrive in 2003. Lyceum acquired the business in January 2007 and merged it with Velo, a nation-wide fleet management business that it had been developing since 2003.
Lyceum partner Dan Adler said, 'The merger between Leasedrive and Velo at the beginning of January 2007 demonstrated the strength of combining two high quality mid-sized players to create a market leader in a niche sector. Merging companies is never simple as it involves many factors, but having identified the synergies between the two companies, the merger bedded down well.'
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