The agreement, subject to regulatory approval, will see GVG’s current private equity sponsor, H2 Equity Partners, exit the business on completion of the transaction.

Alongside Palladian’s investment, GVG – owner of brands including Global Vans, Fleet Alliance, XLCR and LCV Group – has announced that prominent fleet industry leader Andrew Cope will join its board as non-executive chairman.

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Commenting on the Palladian investment, Andrew Hurst, CEO at GVG (pictured), said: “We are incredibly excited to partner with Palladian, who share our vision that our business can continue on its strong growth trajectory and take a bigger share of the huge market for corporate cars and vans in the UK.

“It will allow us to build on our market-leading customer proposition by developing our proprietary technology and investing in our great team of people.

“We are grateful to H2 Equity Partners for their support as our first private equity partner and they have been highly instrumental in our success over the past four years.”

Doug Oppenheim, co-managing partner at Palladian, said: “GVG is an outstanding business; a clear category leader with a differentiated multi-brand platform, a loyal customer base and a team that is genuinely passionate about delivering the best outcomes for its clients.

“Andrew, Jon and the wider team have built something that is well ahead of its peers; we see a significant opportunity to go further by investing in GVG’s technology, broadening its product offering and helping the business capture a greater share of the SME van, car and fleet markets.

“We are delighted to be their partner for the next phase of the journey.”

New chairman brings expertise and track record

GVG describes Andrew Cope as one of the most respected and widely recognised leaders in the UK fleet industry, having been a founding member of Zenith and served as its chief executive officer, steering the business through multiple successful management buyouts and a period of sustained growth and transformation.

In a statement, GVG said of Cope: “His deep sector expertise and track record of building market-leading businesses make him an outstanding addition to the GVG board at this exciting stage of the company’s development.”

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