Bridgepoint Pumps £100 Million Into EV Fleet Manager Zenith

Zenith Automotive Holdings Ltd has secured fresh funding from its private equity owner and an extension of debt maturities from its lenders as it reels from a slump in used electric vehicle prices.

Bridgepoint Group Plc will inject £100 million ($135 million) of equity into the vehicle leasing company as part of a recapitalization agreement to strengthen its balance sheet, Zenith said in a statement. The transaction will help boost the collateral backing a £1 billion securitization facility used to finance its fleet, the company added.