Zenith expands into HGV sector with CVL purchase
recently bought vehicle leasing and fleet management company Zenith in a £750
million deal, has acquired Contract Vehicles Holdings Limited group (CVL) from
its shareholders for an undisclosed sum.
acquisition” of CVL extends Zenith’s reach into the HGV market and, according
to the company, builds the UK’s only independent one-stop-shop, HGV to car
CVL is claimed to
be a highly regarded provider of commercial vehicle contract hire and fleet
management solutions specialising in the HGV market and managing more than 20,000
With more than 20
years of experience, CVL said it prided itself on offering a fully managed
solution to its clients and was 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 telematics to its portfolio of services.
approach is claimed to always ensure it is focused on client needs, offering a
bespoke solution which combines flexibility with the benefit of in-depth
industry knowledge with the aim of delivering reduced costs and efficient
operating processes to customers.
Tim Buchan, Zenith’s
chief executive officer, said: “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.”
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.”