MBO at Zenith Vehicle Contracts

The Leeds office of venture capital company 3i has backed the management buy-out of the Leeds-based Zenith Vehicle Contracts.

3i has taken a minority stake in the company. Royal Bank of Scotland provided the senior debt. The management team - headed by managing director Andrew Cope, finance director Mark Philips and sales and marketing director Philip Jerome – acquired the company for an undisclosed sum.

Zenith was established 14 years ago by a team headed by Henry Dean. It now has some 11,000 vehicles under management and a turnover for the year to March 31, 2003, of more than £35m. Pre-tax profits for the period were £1.8m.

Following the buyout, the remaining founder directors will be retiring from the company.