HgCapital backs UK leasing company Zenith

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car headlightsq_lrgPrivate equity firm HgCapital has agreed to acquire a majority interest in UK-based contract hire and leasing company Zenith.

The firm bought the stake from Morgan Stanley Global Private Equity.

Zenith has a risk fleet of 27,300 vehicles and is currently the leasing company of the year in the UK, HgCapital said in a statement.

Member of HgCapital’s services team Andrew Land said, “We are delighted to be investing in Zenith and to be supporting its high calibre management team. We look forward to working closely with them to continue their growth and success.”

Last month HgCapital bought the UK’s largest independent privately-owned vehicle management group Leasedrive from LDC.

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