Morgan Stanley sells Zenith parent company stake

Thu Mar 6, 2014 3:47am EST
 
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LONDON (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)

 
The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013. REUTERS/Mike Blake