Our Corporate team has advised independent motor finance brokerage and technology provider Evolution Funding Group Limited ('Evolution') on its acquisition of motor finance broker Motion Finance, with the support of private equity investor LDC.
Evolution's proprietary platform Evolve is one of the most sophisticated technologies in the UK's auto finance ecosystem, and facilitated over £1.2 billion in car finance advances in 2022 alone.
Warrington-headquartered broker Motion Finance focuses on sourcing finance for small-to-medium-sized used car dealerships throughout the UK, and will continue to operate under its own brand and its existing management team.
This transaction is Evolution's second bolt-on since LDC's investment in 2019 following the acquisition of automotive software and digital services provider Click Dealer in 2021 on which Gowling WLG also advised.
The team advising Evolution was led by principal associate Chris Letters, supported by corporate partner Chris Towle and associate Annabel Brown and banking partner Navin Prabhakar and associate Dan O'Donnell. Principal associate Sushil Kuner advised on financial services regulatory matters, and principal associate Hannah Swindle and associate Dan Phillips advised on employment matters.
Commenting, Chris Letters said:
"It has been a pleasure to provide legal advice and guidance to Evolution and LDC on this latest acquisition in pursuit of Evolution's growth objectives. It is an exciting opportunity for both Evolution and Motion and we look forward to seeing this tie-up bear fruit in the near future".
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