8:42 am, August 1, 2024
Evolution Warranties has confirmed the acquisition of market rival The Autogroup (TAG) Warranties for an undisclosed seven figure sum.
The deal, which is an all-cash transaction, will see the two warranty firms merge under the Evolution World Group umbrella.
Bosses say the move will bring together Evolution Warranties’ ‘fresh and innovative solutions’ with TAG’s ‘extensive customer base and over a decade of experience’.
It is hoped the deal will be the first of many acquisitions by the Evolution World Group, allowing it to expand market reach and drive significant growth.
Gerry Loughran, CEO of Evolution Warranties, said: ‘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 10 warranty companies in the UK.’
Michael Flanagan, director of Evolution Warranties, said: ‘Evolution Warranties goes from strength to strength.
‘The amazing products delivered by its extremely talented team and its commitment to fiscal sustainability, while it endeavours to save its dealers money makes the future of Evolution Warranties very bright indeed.’
Established in 2012, TAG is one of the most respected names in the warranty industry, with a solid reputation for customer satisfaction and reliability.
By joining forces with Evolution Warranties, bosses say that companies will leverage their combined expertise and resources to better serve their customers.
It is also hoped that the deal will lead to an enhanced product offering and increased efficiency.
As part of the takeover, Stuart Hillyard MD, of TAG will remain in post to work alongside Sam Watson, national sales director of Evolution.
In a joint statement, Hillyard and Guy Warman of TAG Warranties, 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 LTD and believe TAG’s future with Evolution is looking extremely positive and bright.’
