Zenith Vehicle Contracts has bought employee car ownership
specialist Provecta for an undisclosed sum.
The deal means that Yorkshire-based Zenith is now the UK’s
“largest independent leasing, fleet management and vehicle
outsourcing business in the UK with a combined fleet of some 26,000
vehicles,” Zenith said.
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The tie-up also gives the Northern lessor a base in the South of
England, as Provecta is headquartered in Reading.
Nick Sutton, former chief executive of Provecta, will join
Zenith as group development director.
Deloitte and Hammonds advised Zenith on the deal, while senior
debt was provided by the Royal Bank of Scotland and HSBC.
Provecta was advised by Osborne Clark.
Andrew Cope, chief executive of Zenith said: “Provecta is an
excellent business and is widely recognised as the UK’s foremost
expert in delivering ECO schemes.
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By GlobalData“The people fit and strategic rationale are fantastic and I am
delighted that senior members of the Provecta team are joining the
Zenith board – not only as directors but also as significant
shareholders.”
Both Cope and Sutton emphasised that the acquisition would allow
Zenith to provide what Cope called “a full range of specialist
products and services” and “a radically new approach to a company’s
total transport needs”.
Sutton commented: “The merger means we can deliver a
cost-effective one-stop shop for every potential driver in a fleet
– whether a company car, ECO driver or cash taker. I am
excited to be joining the combined business as a director and
shareholder and look forward to the successful integration of both
teams.”
Motor Finance Issue: 42 – April 08
Published for the web: May 13 08 10:52
