HG Capital seals second car leasing acquisition HG Capital snapped up one of Zenith's biggest rivals Leasedrive from Lloyds private equity arm, LDC, last year which operates a fleet of over 30,000 vehicles and focuses on serving small businesses. Zenith has a fleet of over 20,000 vehicles making the combined business the sixth biggest in the UK's fragmented leasing market. Morgan Stanley is understood to have wanted to start a sale process shortly but was met with an early knock-out offer from HG Capital. HG Capital brought in Jon Walden the former boss of Lex, the UK's biggest car leasing firm, to head up Leasedrive shortly after acquiring the business. Mr Walden, who last year stepped down as chairman of listed luxury car retailer HR Owen, is expected to become chairman of the combined Zenith and Leasedrive business. HG Capital is known for its buy and build approach to investments and Zenith marks its first acquisition this year. The private equity firm sold three of its UK wind farms at the start of the year.