Clearwater International advises BPE on Zenith sale

Clearwater Advisor

Press Release

Clearwater International has advised Barclays Private Equity (“BPE”) on the sale of its majority stake in Yorkshire-based contract hire and fleet management provider, Zenith Vehicle Contracts (“Zenith”), to Morgan Stanley Private Equity (“MSPE”). The deal value was undisclosed.

The Manchester office of BPE completed the £40m management buy-out of Zenith from private equity firm, Dunedin, in June 2007. This latest transaction represents a return of 2.7x the original investment for BPE’s investors.

Zenith is one of the UK’s largest independent leasing, fleet management and vehicle outsourcing businesses. Founded in 1989 and headquartered in Leeds, the company manages over 27,000 vehicles on behalf of its corporate clients.

Clearwater International undertook the sale process on behalf of BPE, securing the sale of Zenith to MSPE. Partner, Michael Reeves, led the deal team for Clearwater International.

“BPE has helped to quickly develop Zenith into one of the leading businesses of its kind in the UK, winning market share at an accelerated rate. We are delighted that BPE has realised a good return on its initial investment. This deal will provide further capital for Zenith to build on its premium brand, known for offering customers flexibility and a high quality service.”

Michael Reeves, CEO, Clearwater International