Wokingham: EY advises on sale of Leasedrive to HgCapital

EY’s regional corporate finance team, led by Richard Jones and Duncan Wade, has advised LDC and the management shareholders on the sale of the Wokingham-based Leasedrive Group to private equity firm HgCapital Partners.

Leasedrive provides contract hire, fleet management and short-term rental management to large, blue chip customers within the public and private sector. The company employs over 280 people across its two main sites in Crowthorne and Birmingham. For the financial year ended December 2012, Leasedrive had a turnover of £116 million and operating profit of £14m, up from circa £5m at the time of LDC’s original investment.

Management first acquired the business in 2003 in a HBOS-backed BIMBO. In 2008 following a successful merger with Velo, the senior management team completed the buyout of the combined entity with the support of LDC. Leasedrive continued to expand the business with the acquisition of Masterlease UK, in partnership with Investec, back in December 2010.

Duncan Wade, EY’s corporate finance director, said: “LDC and the management team have worked together to build the pre-eminent supplier of vehicle leasing services in the UK, with a proven track record of significant profitable growth. It was a pleasure to work with the Leasedrive and LDC teams and we are delighted that, with the support of HgCapital Partners, Leasedrive will be well placed to further consolidate its position in the UK market.”

David Bird, managing director of Leasedrive, commented: "EY did a fantastic job in managing a flexible process which enabled the shareholders to consider alternative options and ensure the best strategic partner was found for the business. EY played a key role in ensuring the shareholders achieved their aspirations while ensuring focus was maintained on the business and its day-to-day operations. EY's advice was invaluable throughout."