Evolution Warranties has acquired The Autogroup (TAG) Warranties in a seven figure transaction.
The strategic move aims to enhance warranty offerings, expand market reach, drive significant growth and deliver more acquisitions planned for the Evolution World Group.
Gerry Loughran, CEO of Evolution Warranties, said: “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.”
The merge will ensure customers have access to a broader range of warranty solutions, streamline operations, improve service delivery and response times and investment in technologies. By 2025, it is expected the companies will trade solely as Evolution.
Michael Flanagan director of Evolution Warranties and chief business development officer at Al Khozama Investments, 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.”
Stuart Hillyard MD of TAG will remain in post and work alongside Sam Watson, national sales director of Evolution.
Hillyard said: “It’s 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.