Our Corporate team has advised the shareholders of LDC portfolio company Evolution Funding Group Limited ('Evolution') in relation to its acquisition by European technology fund Carlyle Europe Technology Partners, with the continued support of existing investor LDC and Evolution's founders.
Evolution is a UK-based technology-led motor finance platform that connects car dealers and auto finance providers with multiple lenders, which has enabled nearly 150,000 financing transactions with a combined value in excess of £2 billion over the last twelve months.
Evolution has made two strategic acquisitions since LDC's investment in 2019, namely the 2023 bolt-on of Warrington-headquartered broker Motion Finance, and the 2021 acquisition of automotive software and digital services provider Click Dealer on which Gowling WLG also advised.
The cross-firm team acting for Evolution's shareholders was led by principal associate Chris Letters and corporate partner Chris Towle, with support from banking partner Navin Prabhakar, senior associate Sarina Mann, associates Annabel Brown and Dan O'Donnell, and trainee solicitor Tonia Magda. Principal associate Sushil Kuner advised on financial services regulatory matters, while corporate partner Neil Hendron and senior associate Chelsie Taylor advised LDC on their continuing investment in Evolution.
The transaction is subject to FCA approval.
Commenting, Chris Letters said: "It has been fantastic to support LDC and Evolution in their journey together over the last four years. Evolution is very well positioned in the UK motor finance market and, in LDC and Carlyle, Evolution has the perfect partners to pursue its plans for further growth over the coming years".