Online car retailer aims for European expansion with acquisition of German platform
An online car retailer has today announced that it has completed the acquisition of a German car subscription platform.
Cazoo, headquartered in London, has acquired Cluno, a German consumer car subscription platform, for an undisclosed sum.
Cluno has grown to a team of more than 100 based in Munich, with the deal enabling Cazoo to launch its full proposition in Germany and across Europe.
Alex Chesterman, founder and CEO of Cazoo, commented: “Cluno has built a market-leading offering in the car subscription market in Germany with thousands of loyal customers and we are delighted to welcome Nico and his team to the Cazoo family.
“We will be launching the full Cazoo proposition in Europe later this year from our new European headquarters in Munich and we look forward to offering customers the option of purchasing, financing or subscribing to thousands of Cazoo cars.”
Nico Polleti, founder and CEO of Cluno, said: “I am very proud of what we have created at Cluno in terms of both the customer experience and the team.
“The vision and strategy that Alex and his team have for developing the Cazoo brand and platform is totally aligned with ours and we are looking forward to joining forces and accelerating the digital transformation of the car buying experience across Europe.”
Numis Securities Limited acted as sole financial adviser to Cazoo in this transaction.
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