UK online car retailer Cazoo has completed the acquisition of Cluno – a German consumer car subscription service, for an undisclosed sum.
Once integrated, Cazoo will launch its full proposition in Germany and Europe, giving customers the option of purchasing, financing or subscribing to a range of vehicles on its platform.
Alex Chesterman, founder and chief executive of Cazoo, said: “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 chief executive of Cluno, added: “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 are 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 the sole financial adviser to Cazoo in this transaction.
Founded in 2017, Cluno has grown to a team of over 100 based in Munich. Cluno offers a choice of up to 100 makes and models, with a single monthly subscription fee which includes the car, maintenance, service, warranty, tax and insurance.
The news follows Cazoo’s acquisitions of UK car subscription service Drover and vehicle reconditioning firm Smart Fleet Solutions (SFS).
Cazoo had planned to launch its own subscription service in late 2021 and this cluster of acquisitions will accelerate its plans in the European Cars-as-a-Service (CaaS) market.