Morgan Stanley sells Zenith parent company stake – Reuters

Morgan Stanley has sold its majority stake in Accelerate Acquisitions, the parent company of British car provider Zenith, to UK private equity fund HgCapital for 3.8 times its original investment, writes Reuters. Morgan Stanley said that the sale by its private equity arm came four years after its initial investment in the car fleet manager.

Reuters – Morgan Stanley (MS.N) has sold its majority stake in Accelerate Acquisitions, the parent company of British car provider Zenith, to UK private equity fund HgCapital for 3.8 times its original investment.

Morgan Stanley said on Thursday that the sale by its private equity arm came four years after its initial investment in the car fleet manager.

(Reporting By Freya Berry. Editing by Chris Vellacott)