A northern private equity-backed vehicle rental company is set to announce the takeover of a local rival that provides trucks to clients including Coca-Cola, City A.M. can reveal.
Leeds-based Zenith, which private equity house Bridgepoint bought from HgCapital for £750m last month, has agreed a deal for CVL, which is also based in Leeds.
The acquisition of CVL, which stands for Contract Vehicles Limited, takes Zenith into a new space: heavy goods vehicle (HGV) leasing.
CVL, which has a fleet of around 22,000 vehicles, provides services to companies including Coca-Cola, Jewsons and Lafarge.
The deal marks quick work for Bridgepoint, which announced the acquisition of Zenith on 30 January, promising “targeted acquisition activity”.
Deloitte was adviser to CVL, while Bridgepoint and Zenith are being advised by KPMG.
Zenith, which also has operations in Solihull and Wokingham, has more than 500 employees and a fleet of around 85,000 vehicles.
According to Companies House accounts, CVL reported a turnover of £61.5m in the year to 30 September.
The deal is set to be announced later today, City A.M. understands.