Zenith Vehicle Contracts, an independent vehicle leasing company, has been bought by its management for £40 million.

Zenith Vehicle Contracts, an independent vehicle leasing company, has been bought by its management for £40 million.

Led by CEO Andrew Cope and finance director Mark Phillips, this is the third management buy-out in less than four years at the Leeds-based business.

Barclays Private Equity backed the deal and RBS provided senior debt and working capital facilities.

Zenith, formed in 1989, now has about 18,000 vehicles under its management, with clients including Asda, DuPont, Ernst & Young, Persimmon and BUPA.

Cope commented: “Zenith has thrived on its independence, what was especially important to us was to secure the long-term future of the business whilst continuing to hold the majority stake in the company.”

Steve O’Hare, investment director at Barclays Private Equity, who will be a non-executive on the board, said: “Zenith differentiates from its competitors, the business has grown its market share and future indicators continue this positive vein.”