Berkshire-based Leasedrive was established in 1983 and merged with Velo at the start of 2007 to form one of the largest independent privately-owned vehicle management groups in the UK. In 2008 Leasedrive Velo Group was involved in a senior management buy-out in a transaction valued at £80m backed by private equity house Lloyds Development Capital (LDC). In 2011, Masterlease UK was integrated into the group, signalling a return to the Leasedrive brand name.

In a statement, HgCapital, the manager of HgCapital Trust, said the trust will contribute a total of approximately £14.6m to the deal.

The trust will participate in the acquisition of Leasedrive alongside institutional investors in the HgCapital 6 fund, which is also managed by HgCapital.

Leasedrive said that the deal is very similar to its investment from LDC and will enable further development of the firm.