Zenith has announced that funds managed by HgCapital have signed definitive agreements to acquire a majority stake holding in the parent company of Zenith Vehicle Contracts Group Limited from Morgan Stanley Global Private Equity (MSPE), subject to regulatory approvals.

The highly regarded contract hire and leasing company was recently ranked 12th in the FN50's list of the UK's top 50 contract hire companies, with a risk fleet of 27,300 vehicles. It is the current Leasing Company of the Year and is one of the top 100 companies to work for in the UK, according to Zenith.

Zenith's Chairman Andrew Cope will be stepping down from his post, but will remain an investor in the new group, according to the company. The Zenith Board continues to be led by Tim Buchan and Mark Phillips alongside the existing management team plus the addition of HgCapital's Andrew Land, Nick Turner, and Simon Cottle.

Terms of the transaction were not disclosed.