UK-based Evolution Warranties has completed the acquisition of The Autogroup (TAG) Warranties, a move that is set to combine the strengths of both companies in the warranty sector.
The financial details of the transaction have not been disclosed.
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However, in a LinkedIn post, Evolution Warranties described the deal as an “all-cash, seven-figure buyout”.
Established in 2012, TAG specialises in developing and supplying products for the vehicle and associated warranty sector.
The acquisition of TAG by Evolution Warranties is expected to leverage the combined expertise and resources of both entities to better serve their customers.
In addition, the move will enhance the companies’ product offerings and improve their efficiency.
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By GlobalDataFollowing the completion of this acquisition, TAG managing director Stuart Hillyard will continue his role and collaborate with Evolution Warranties national sales director Sam Watson.
The merger will bring the two warranty companies under the Evolution World Group umbrella.
The strategic move is anticipated to improve warranty offerings, expand market reach, and drive significant growth.
It also marks the beginning of several planned acquisitions for the Evolution World Group, indicating an ambitious growth strategy for the company, Evolution Warranties said in the LinkedIn post.
Car Dealer Magazine quoted Evolution Warranties CEO as saying: “We are excited to welcome TAG Warranties into the Evolution family. This purchase represents a significant milestone for both companies and reinforces our commitment to delivering unparalleled service and value to our customers.
“Together, we are poised to set new standards in the warranty industry and this acquisition propels us into the top ten warranty companies in the UK.”
In a joint statement, TAG Warranties Hillyard and Guy Warman said: “It has been an amazing journey with the EVO leadership team from the first contact to finally signing the deal, with their world-class legal team at Farrer & Co ensuring a smooth transaction and handover.
“We are really excited to see what the future holds for Evolution Warranties and believe TAG’s future with Evolution is looking extremely positive and bright.”
