Global investment firm Carlyle has agreed to acquire Evolution Funding (Evolution), one of the UK’s largest used car finance platforms, investing alongside Evolution’s founders and existing investor LDC. The terms of the transaction have not been disclosed.
Global investment firm Carlyle has agreed to acquire Evolution Funding (Evolution), one of the UK’s largest used car finance platforms, investing alongside Evolution’s founders and existing investor LDC. The terms of the transaction have not been disclosed.
Evolution is a technology-led finance platform that connects car dealers and auto finance providers with multiple lenders. Its funding platform is widely embedded across UK automotive dealerships including national operations including Marshall, Sytner Group and Trust Ford, and major online-only used car dealers such as Cinch and Cazoo.
In the last twelve months, Evolution has enabled nearly 150,000 financing transactions with a total platform volume in excess of £2bn.
Equity for the investment will be provided by Carlyle Europe Technology Partners (CETP) V, a €3 billion fund which invests in technology companies across Europe.
CETP was advised by Houlihan Lokey, DLA, Alvarez & Marsal, LEK and Seedcloud, while Evolution Funding and LDC were advised by Arma Partners, Gowling WLG, KPMG, OC&C and Crosslake.
The transaction is subject to FCA approval.