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Zenith Vehicle Contracts

Founded in 1989, Zenith Vehicle Contracts is an outsourced contract hire and fleet management provider, targeting clients with a typical fleet size of 100 to 1,000 vehicles.

At the time of the investment, Zenith Vehicle Contracts managed c. 17,000 vehicles.

Zenith Vehicle Contracts has built up a strong market share, growing fleet size from c. 17,000 vehicles to over 27,000, with future growth built in from new customer wins.

VALUE CREATION

During Equistone’s ownership, Zenith Vehicle Contracts acquired Provecta Car Plan Limited and profits more than doubled.

THE EXIT

The sale to management in a deal backed by Morgan Stanley Private Equity yielded a return of 2.7x and an IRR of 35%.

 

* Gross Profit.

HOLDING PERIOD

Jun 2007 - Sep 2010

Country

UK

Business Description

Support Services

Revenue Progression

£9m / £17m *

Employees at ACQ.

90

Investment Type

Secondary MBO

ADD-ON ACQUISITIONS

Provecta
May 2008