Following its £750m acquisition of Zenith, Bridgepoint makes further add-on acquisition of CVL to extend Zenith’s reach into the adjacent HGV market
Zenith announced that its new owner Bridgepoint has acquired Contract Vehicles Holdings Limited group (CVL) from its shareholders, as Zenith builds the UK’s only independent one-stop-shop, HGV to car mobility provider.
CVL is a highly regarded provider of commercial vehicle contract hire and fleet management solutions specialising in the HGV market, which manages over 20,000 vehicles.
With over 20 years of experience, CVL prides itself on offering a fully managed solution to its clients and is responsible for the management of some of the world’s largest companies‘ commercial vehicle fleets. Based in Leeds, CVL provides contract hire, fleet management and leasing services and has most recently added sophisticated telematics to their portfolio of services.
CVL’s consultative approach ensures they are always focused on their clients‘ needs, offering a bespoke solution which combines flexibility with the benefit of their in depth industry knowledge with the aim of delivering reduced costs and efficient operating processes to their customers.
Tim Buchan, Zenith’s chief executive officer commented: „We are delighted to announce this acquisition as we expand our total mobility provision. The combined organisation will deliver a truly unique proposition for car, van and HGV operators in the UK. CVL will operate as a standalone business, but will benefit from Zenith’s core infrastructure and funding.“
Bridgepoint’s Emma Watford said: „CVL has an excellent technology platform and shares Zenith’s customer-centric culture. The acquisition is complementary and is one of the building blocks we identified when we acquired Zenith to allow the company to open up new markets and extend its offer in the UK and Europe.“
Doug Smith, CVL’s chief executive officer said: „This is an exciting development for CVL, its customers, employees and suppliers. The Zenith and CVL values and approach to customer service are strongly aligned and Zenith’s scale and funding capacity will enhance CVL’s ability to deliver exceptional service to its customers.“
Zenith and Bridgepoint were advised by Squire Patton Boggs (Legal), White & Case (Legal), KPMG (Financial Due Diligence and Tax), Weil (Legal), Henderson (Insurance) and ERM (ESG). CVL and its shareholders were advised by Deloitte (Corporate Finance and Financial Due Diligence), DLA Piper (Legal), Mazars (Tax) and OC&C (Commercial Due Diligence).
Note – the Zenith and Bridgepoint transaction remains subject to regulatory approval.
(source)
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