ECI Partners: Leasing company Tusker’s impressive pivot to
electric vehicles

Tusker is a market-leading UK-based car provider that allows firms to provide their employees with cost-effective means of buying a car. ECI Partners has accompanied Tusker on its journey to net-zero emissions for its fleet.

Customers are increasingly looking to go green with electric vehicles, and one of the most cost-effective ways into this world is through salary sacrifice schemes. Leasing company Tusker is an expert in company cars, having launched the UK’s first car benefit scheme in 2008.

In 2015, ECI Partners invested in Tusker and accompanied the company on its “green journey”.

In close cooperation with the private equity manager, Tusker has committed to making its fleet fully electric by 2030 and also became an early member of the “EV 100”, a group of companies committed to a zero-emission future. The impact of this decision has been significant. Key points include:

• A tenfold increase in Tusker’s customer base over the last decade.
• Support provided to more than 1,300 companies, with a fleet of over 23,000 vehicles, of which 60% are currently EVs. Future orders are expected to increase the EV share to 90%.
• Tusker now employs more than 250 people focusing on excellent customer service and a clear vision of how to enhance the UK’s automotive landscape.

In February 2023, ECI Partners announced the successful exit of its shares to Lloyds Banking group for a value of around £300 million. This represents a 6.2x multiple of invested capital for its investors.

Tusker was part of the portfolio of ECI 10, in which we are invested through our MPEP I program. ECI 10 was closed at the hard cap of £500 million in only five months, having been significantly oversubscribed.