Eversheds Advises Leasedrive Holdings
Law firm Eversheds acted for the new management team of Leasedrive Holdings on its recent management buy-in/buy-out. Mark Spinner, head of private equity, led the Eversheds team. He comments:
"The deal initially involved an external equity provider, but some weeks into the deal we realised it would make more sense to use an alternative funding source. Working to tight deadlines, our team worked with Grant Thornton and set up a funding arrangement provided partly by Bank of Scotland Corporate Finance and partly through vendor funding. The fact that we were able to change horses and still get to the finishing line speaks volumes about the strength of the new management team."
"Our role encompassed due diligence and corporate advice for the management team from a legal perspective, covering both arms of the business: the contract hire company Leasedrive Vehicle Management and the rental broker Countrywide Vehicle Rental. Since the deal completed we have continued to advise them on finalising the legal issues involved in owning and operating the business going forward."
"The new management team of Roger Partridge, David Bird and Roddy Graham has a wealth of knowledge and experience of the fleet leasing sector. There is no doubt that they will be able to provide their customers with company car solutions fit for the twenty-first century."
- ends -
Leasedrive Velo is the largest independent privately-owned vehicle management group in the UK and comprises two main operating divisions.
Leasedrive Velo Vehicle Management
Working in partnership with fleet managers, or delivering a complete outsourced service, Leasedrive Velo offers blue chip clients a range of bespoke fleet management services. Major investments in the finest asset management system and pioneering, flexible, web-based customer service technology have resulted in Leasedrive Velo offering customers a truly world class fleet management service capability.
Leasedrive Velo Rental Management
One of the largest short-term vehicle rental management companies in the UK, with access to an almost unlimited choice of vehicles and locations throughout the country, Leasedrive Velo Rental Management offers a simple and transparent pricing policy with no hidden surcharges. For rentals of 28 days or more, it offers the Stopgap mid-term vehicle rental solution. Rates are substantially reduced compared to daily rental.
The headquarters for Leasedrive Velo is at hi-tech offices at TRL in Wokingham. Leasedrive Velo is the winner of the 2006 Fleet News Award for 'Best Contract Hire/Fleet Management Company' the 2006 GreenFleet Award for 'Leasing/Rental Company of the Year', The 2007 and 2008 Thames Valley Business Awards for 'Business Management Team of the Year' and the 2007 ITM Award for 'Independent Vehicle Management Company'.
For further press information on Leasedrive Velo, contact:
Mr Jeremy Snook
JSPR Ltd
Telephone: 01488 670002
Mobile: 07957 867139
Facsimile: 01488 670008
E-mail: jeremy.snook@jspr.co.uk
Website: www.jspr.co.uk