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HgCapital sells Zenith to Bridgepoint

30 January 2017 07:45

HgCapital, the manager of HgCapital Trust plc, has agreed the sale of Zenith, the largest independent vehicle leasing business in the UK, to Bridgepoint in a transaction totalling £750 million.

The sale of Zenith delivers a 2.9x investment multiple and a 46% gross IRR over the investment period.

The trust, the listed investment trust which participates in all HgCapital's investments alongside its institutional clients, will realise cash proceeds of approximately £59.0 million on completion of the transaction.

This represents an uplift of £15.4 million (35%) or 41 pence per share over the carrying value of £43.6 million in the net asset value of the trust at 30 November which was based on the directors' valuation as at 30 June.

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