By Mark Kleinman, City Editor
The private equity group Hg Capital is motoring towards a deal to buy one of the UK's biggest vehicle leasing firms in the first stage of an attempt to establish an industry powerhouse.
Sky News has learnt that Hg has struck a deal to acquire Leasedrive, which rents roughly 35,000 cars and vans to British companies, for about £120m.
The transaction, which is expected to be announced within days, will provide a platform for other acquisitions just as Zenith, one of Leasedrive's principal rivals, is put up for sale for approximately £200m.
Insiders said that Hg had lined up Jon Walden, the former boss of Lex Vehicle Leasing and recently-departed chairman of HR Owen, the quoted luxury car retailer, to take on the chairmanship of Leasedrive.
Mr Walden's first task is likely to involve tabling a bid for Zenith, which is owned by the private equity arm of Morgan Stanley, the Wall Street bank.
Combining the two companies would allow Hg to benefit from considerable synergies and enhance profitability, one source said on Wednesday.
Hg's ambitions to create a market-leading venture in the sector are likely to see it contemplate a range of other deals, with the resulting entity floated on the stock market in a few years' time.
Leasedrive is being sold by LDC, the private equity house that is part of the taxpayer-backed Lloyds Banking Group. People close to LDC said its executives would make a handsome return on the deal, which is likely to filter through to substantial payouts for them.
Hg's interest in the vehicle-leasing sector reflects its track record in the industrial and support services areas in recent years.
Last month, it sold Epyx, an automotive technology company, to Fleetcor of the US in a deal which handed Hg a return of 2.7 times its original investment.
The buyout firm also owns The Parts Alliance, a central organisation for the UK automotive parts market based in the West Midlands.
Hg, which backs companies ranging from the Isle of Man telecoms operator Manx to Valueworks, a provider of online marketplaces, declined to comment on Wednesday.
Anda sedang membaca artikel tentang
Hg Capital Revs Up Plan For Leasing Giant
Dengan url
http://kerjasendirianda.blogspot.com/2013/11/hg-capital-revs-up-plan-for-leasing.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Hg Capital Revs Up Plan For Leasing Giant
namun jangan lupa untuk meletakkan link
Hg Capital Revs Up Plan For Leasing Giant
sebagai sumbernya
0 komentar:
Posting Komentar