Wednesday, May 29, 2024

Chesterfield motor finance firm grows with acquisition of Leeds broker

Chesterfield-headquartered Evolution Funding is set to acquire motor finance broker Creditas Financial Solutions, subject to FCA approval.

This strategic move marks a milestone in Evolution Funding’s growth trajectory and underscores its commitment to expanding dealer access to the group’s finance platform, technology, and broad lender panel.

Founded in 2007 by Andy Shaw and headquartered in Leeds, Creditas employs 60 staff and oversees four Appointed Representatives.

Creditas will continue to operate under its own brand as a subsidiary of Evolution Funding Group and with its existing management team at the helm.

Evolution has completed several acquisitions as part of its expansion plan, including automotive Software-as-a-Service provider Click Dealer in 2021 and the motor finance broker Motion Finance in 2023.

Evolution secured majority investment from global private equity firm Carlyle in July 2023, leading to significant reinvestment in the company’s platform, technology, and digital capabilities.

Lee Streets, CEO of Evolution Funding, said: “The acquisition of Creditas is highly complementary. With little overlap between Creditas and Evolution Funding Group’s dealer partners, it will grow Evolution’s footprint with independent retailers.

“At the same time, our technology, processes, and partnerships will enhance Creditas’ proposition for dealers, maximising its potential and driving long-term growth across the group.

“We have been impressed with Creditas’ approach to motor finance, the focus they put on building relationships and doing the right thing for consumers, an ethos at the heart of our own operations. We look forward to working closely with Andy and the team to identify further opportunities and harness our mutual strengths.”

Andy Shaw, Managing Director of Creditas, said: “I am delighted we have joined part of the Evolution Group. Having built Creditas up over the last 17 years now is the time to become part of a much larger entity. We are looking forward to working with Lee and his team moving forward – it’s going to open a lot of new options for the benefit of our dealers.”

Creditas were advised by Peter Williams, David Kendrick, and Fraser Pirie of UHY Hacker Young (Manchester) LLP.

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