- Sector: Media & Internet; Fintech, WealthTech & InsurTech
- Deal Type: Founder-led Businesses; Private Equity Deals
- Engagement type: Sellside
- Size: $200-500m
Arma Partners is pleased to announce that it has acted as exclusive financial advisor to Evolution Funding, a portfolio company of LDC, on its sale to Carlyle. Carlyle Europe Technology Partners V fund is investing alongside Evolution’s founders, management and existing investor LDC.
Based in Chesterfield in the UK, Evolution is a technology-led motor finance platform that connects car dealers and auto finance providers with multiple lenders. Since it was founded in 2002, the business has grown to become the largest used car finance marketplace in the UK, enabling nearly 150,000 financing transactions and over £2 billion in total platform volume in the past 12 months, with its funding platform widely embedded across UK automotive dealerships. It has c. 500 employees and supports over 4,000 dealer forecourts, including national car dealerships such as Marshall, Sytner Group and Trust Ford as well as major online-only used car dealers such as Cinch and Cazoo. It also has brand partnership agreements with the AA, Experian and ClearScore.
The transaction is subject to customary regulatory approvals and closing conditions and is expected to close later in the year.
This transaction underscores Arma Partners’ expertise in advising technology-led marketplaces and transactions with leading global private equity firms.
It is also our fourth private equity-backed exit in July so far, highlighting our ability to deliver successful outcomes in a volatile market environment.