ECI announces sale of Tusker generating a return of 6.2x

We’re delighted to announce the successful sale of Tusker to Lloyds Banking Group for a value of c.£300m.

Tusker is a market-leading UK-based vehicle management and leasing company that provides Electric Vehicles (EV) and Ultra-Low Emission Vehicles (ULEV) via salary sacrifice schemes.

Tusker are experts in salary sacrifice cars having launched the UK’s first car benefit scheme in 2008. Their salary sacrifice customers are from the length and breadth of the UK and range from SMEs to large public and private sector customers. Tusker’s commitment to salary sacrifice and low-emission vehicles has seen them grow their customer base tenfold in the last 10 years. Over 1300 companies are now supported by Tusker’s fleet of over 23,000 vehicles of which 60% are EVs, with future orders set to increase it to 77%.

Tusker now has over 250 employees focusing on customer excellence and following a clear vision to help the UK drive a better car. During our investment, Tusker increasingly focussed on its green positioning, and we have supported the team to be early members of the EV100, a group of companies committed to a zero emission future and have committed that their fleet will be fully electric by 2030.

I’d like to thank Paul McCreadie and the team at ECI who have been fantastic partners to Tusker since investment. As we move to new ownership, Lloyds Banking Group were the obvious choice to take Tusker to the next phase of our growth and I am delighted that we are joining the Lloyds family. Not only do we have aligned strategic goals on our commitment to net zero and excellent service, but with their strong financial support we can grow our electric fleet faster by offering exceptional value to our customers, drivers and partners. And while remaining as a stand-alone salary sacrifice business we can continue to do what the Tusker team do best and offer more companies and employees across the UK access to affordable electric vehicles.”

Paul Gilshan

CEO, Tusker

Tusker is a fantastic and innovative business supporting the UK’s transition to Net Zero, and we’re delighted with the successful sale of the business to Lloyds Banking Group. I’d like to thank Paul Gilshan and the team for the exceptional job they have done growing Tusker, making greener cars more affordable and accessible to so many different employees. We wish them every success for the future.”

Paul McCreadie

Partner, ECI Partners

Advisors:

Evercore (Corporate Finance)

Squire Patton Boggs (Legal)

EY (FDD)

ECI announces sale of Tusker generating a return of 6.2x

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