Zenith considers refinancing after hiring Evercore
ZENITH, the independent leasing, fleet management and vehicle outsourcing businesses, is considering a potential refinancing to develop the business.
Tim Buchan, Zenith’s chief executive, said the Leeds-based firm continues to enjoy very strong trading, which has been rewarded with significant client wins.
He added: “Looking forward, there are a number of corporate finance options available to Zenith, including a refinancing, given the market’s strong and long-standing support for the business.
“In this context, Zenith has been working with a number of advisers with Evercore taking the lead role. As a private equity owned business, it is generally considered good practice to have an adviser working alongside us to maximise the benefits of their expertise.”
Evercore is an investment banking advisory firm, with offices in North America, Europe, Mexico, Brazil, Hong Kong and Singapore.
Zenith is regarded as one of Yorkshire’s most visible private equity success stories. It is thought to have gone through more MBOs (management buyouts) than any other company in Yorkshire.
Two years ago, Zenith announced its fifth management buyout in a deal valuing the fleet manager at more than £200m.
HG Capital, the London-based private equity firm, agreed to acquire a majority stake holding in the parent company from Morgan Stanley Global Private Equity.
In recent years, Zenith has grown to become one of the UK’s biggest independent leasing, fleet management and vehicle outsourcing businesses.
In March this year, Zenith revealed that it planned to move its head office to one of Yorkshire’s most important regeneration sites.
Zenith is expected to transfer more than 300 staff from its current base in Calverley, near Leeds to a new, purpose-built building at Kirkstall Forge towards the end of next year.
In a statement, Mr Buchan said: “Strong organic growth has been driven by our continued investment in innovation and our relentless focus on client service. This has been rewarded by significant client wins including our recent launch of the largest private company salary sacrifice scheme in the UK, and our first pan-European appointment since the establishment of our Auto Alliance partnerships.”
In 2014 Zenith merged with Leasedrive, the provider of fleet management, fleet funding and vehicle rental management services.
In 2016, after a period of integration and the development of three specialist service delivery areas in Leeds, Crowthorne and Solihull, the company rebranded as Zenith.
Zenith’s product and service portfolio includes fleet management services, along with accident management, vehicle rental management and salary sacrifice schemes.