Zenith Vehicle Contracts Ltd is one of the UK's largest independent vehicle leasing companies. It is a specialist provider of bespoke fleet management services for a blue-chip customer base, managing a fleet of over 15,000 vehicles.

PPCF first advised the management team on their £27m secondary MBO of the business in 2005, funded by Dunedin Capital Partners. By remaining close to the business PPCF were able to identify the opportunity to introduce potential new investors and as a result designed and led the third MBO in 2007 which saw an investment by Barclays Private Equity and enabled Dunedin to exit with double its money.

The quality of the Zenith business, its consistent growth and impressive management has proved extremely attractive to the investment community. As a result, PPCF have been able on each occasion to realise significant value for the management team whilst allowing them to retain control and enhance their equity stake.