Carbn's management buyout to drive growth in green mobility
Carbn has moved to full private ownership through a management buyout of New Zealand Green Investment Finance's stake, with support from Private Capital Group.
The transaction hands Carbn's executive team full control of the company as it plans to expand its offerings in sustainable fleet financing, telematics, car-sharing, and advisory services for business and government clients.
Management buyout
The buyout saw Carbn's leadership, backed by Private Capital Group (PCG), acquire the remaining shareholding in the business from New Zealand Green Investment Finance (NZGIF). Carbn, which counts ASB, the University of Waikato, and Christchurch City Council among its clients, provides mobility solutions aimed at helping organisations reduce both costs and emissions.
Shaun Drylie, Chief Executive and joint-founder of Carbn, said NZGIF's involvement was instrumental for the company's development from a conceptual stage to an established business.
"NZGIF's support was critical in helping Carbn move from concept to thriving business. We're proud to now take the next step - scaling a New Zealand-owned company that is cutting costs for organisations while reducing emissions. I would also like to thank our fantastic team, future-focused customers, and board (Samantha Sharif and John Chandler) for helping us to reach this milestone."
NZGIF's comments
Sarah Minhinnick, Chief Executive of NZGIF, commented on the transition as being consistent with the organisation's mission.
"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. This sale is a fulfilment of NZGIF's founding purpose, which was to attract co-investment over time while supporting the growth of companies that reduce emissions across the economy."
Business model and client base
Carbn was jointly established by David Simpson and has developed an end-to-end service that merges car-sharing technology, telematics, and financial solutions to support its clients' mobility needs. Its platform is used by a range of organisations, including educational institutions and local government agencies.
The company is a participant in the All-of-Government panel, which enables it to collaborate with central and local government bodies to assist them in managing fleet costs and reducing greenhouse gas emissions as part of their sustainability objectives.
David Simpson said the company's ownership change marks a new phase in its growth, giving it the flexibility to respond to demand and extend its reach.
"We saw a gap for a trusted partner to help organisations move away from the old fleet model. This change in ownership allows us to scale faster and deliver even greater impact for New Zealand's economy and environment."
Private Capital Group's support
PCG Managing Partner Paul Carman stated that the company sees value in Carbn's approach to mobility and the capabilities of its management team.
"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. We're proud to support the next stage of Carbn's journey."
Leadership team
The management buyout was carried out by Shaun Drylie, David Simpson, Roy O'Hara, and Dave Corbett. All four are described as experienced in scaling New Zealand-based businesses across various sectors, and remain involved in Carbn's plans for future growth.
Carbn provides services aimed at reducing the costs and emissions associated with passenger vehicle use through products such as car-sharing, fleet financing, telematics, and advice for organisations working towards sustainability targets.
