Andrew Cope is to step down as chairman of Calverley-based fleet management company Zenith Vehicle Contracts Group after the business was bought by funds managed by HgCapital.

Mr Cope will remain a shareholder in the business.

HgCapital has signed definitive agreements to acquire a majority holding in Zenith’s parent company from Morgan Stanley Global Private Equity, subject to regulatory approval. Although not revealed, the deal is reportedly worth about £200 million.

Tim Buchan, Zenith chief executive, said: “We thank MSPE for their contribution and are pleased to welcome HgCapital as our new partner. We look forward to working together on our long term strategy of continued investment in product and system developments.”