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Clarus Corporation to acquire Rhino-Rack
NASDAQ-listed developer Clarus Corporation has been advised on its acquisition of Australian aftermarket automotive roof rack and accessories brand Rhino-Rack.
Jerome Doraisamy
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Firm: Baker McKenzie (Clarus Corporation).
Deal: Clarus Corporation is set to acquire Rhino-Rack for $255 million and is expected to close in July of this year, “subject to customary closing conditions as well as certain regulatory approvals in New Zealand”, Bakers said in a statement.
“Following the transaction’s closing, the Rhino-Rack management team will continue to run the business from Rhino-Rack’s headquarters in Australia”, it added.
Value: $255 million.
Area: M&A.
Key players: The Bakers team was led by partner Richard Lustig, who was supported by Caroline Tait, Kurt Fisher and Greg Smith, as well as lawyers from Bakers’ Australian and international offices.
Deal significance: Speaking about the transaction, Mr Lustig said: “This is a transformative, cross-border acquisition for our client, Clarus, which will add significant scale and global growth opportunities.
“The Rhino-Rack business will continue to operate independently as a wholly-owned indirect subsidiary of Clarus.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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