Carbn completes NZGIF buyout with PCG backing

Sustainable mobility company Carbn has completed a management buyout of New Zealand Green Investment Finance’s (NZGIF) shareholding, with backing from Private Capital Group (PCG) giving the leadership team full control of the business.

The company is best known for the Zilch car sharing and leasing brand, formerly known as Yougo.

The deal positions the New Zealand-owned company to accelerate growth in telematics, sustainable fleet financing, car-sharing and advisory services as it scales operations across the local market.

“NZGIF’s support was critical in helping Carbn move from concept to thriving business,” says chief executive and joint-founder Shaun Drylie. “We’re proud to now take the next step — scaling a New Zealand-owned company that is cutting costs for organisations while reducing emissions.”

Carbn has built an end-to-end model combining car-sharing technology, telematics and financing solutions. Its client base includes ASB, the University of Waikato and Christchurch City Council, with hundreds of businesses and thousands of employees using its services.

The company is also on the All-of-Government panel, enabling central and local government agencies to reduce fleet costs and greenhouse gas emissions.

NZGIF exits as planned

NZGIF chief executive Sarah Minhinnick says the sale fulfils the organisation’s founding purpose of attracting co-investment while supporting emission-reduction companies.

“We are pleased to have played a pivotal role in Carbn’s journey and wish the business all the very best with growing a future in mobility that reduces emissions and costs for businesses,” she says.

Joint-founder David Simpson says the ownership change will enable faster scaling and greater impact for New Zealand’s economy and environment.

“We saw a gap for a trusted partner to help organisations move away from the old fleet model,” Simpson says. “This change in ownership allows us to scale faster and deliver even greater impact.”

PCG backing growth plans

Private Capital Group managing partner Paul Carman says the firm sees Carbn’s management team and mobility model as an example of a New Zealand business that can disrupt traditional industries while delivering environmental and economic benefits.

“We see Carbn’s management team and mobility model as a fantastic example of a Kiwi business that can disrupt old industries while delivering solutions that are good for both the planet and businesses’ bottom lines,” Carman says.

The management buyout was led by Drylie, Simpson, Roy O’Hara and Dave Corbett. Drylie thanked the company’s team, customers and board members Samantha Sharif and John Chandler for helping reach the milestone.