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Autoleague advised on cap raise and buyout
Car dealership network, Autoleague, has been advised by Macpherson Kelley on its capital raise and management led $150 million buy-out from the Japanese-listed conglomerate, IDOM Inc.
Jerome Doraisamy
Firm: Macpherson Kelley (Autoleague).
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Deal: Autoleague has bought out Japanese used car dealers company, IDOM Inc. The deal structure and number of stakeholders involved in the transaction, Macpherson Kelley said, “was quite novel within the automotive industry, with the acquisition led by a group of executives and dealer principals who acquired IDOM Inc.’s equity in the corporate group”.
Area: Capital markets.
Value: $150 million.
Key players: The Macpherson Kelley team was led by Principal Terry Kokkinos with key support from Special Counsel, Meileng Tam and Lawyers, Oscar Sach-Haber and Setareh Aminian.
Deal significance: Taking a collaborative approach, the firm said in a statement, its team “balanced the complex needs of multiple stakeholders and worked closely with all advisers involved in the deal to promptly and creatively resolve the obstacles and sticking points which invariably arise in transactions of this nature”.
“It was a tremendous privilege to work alongside the management and investor teams in this significant milestone in the automotive group’s evolution,” said Mr Kokkinos.
“The transaction was uniquely structured to include not only investment from the key executives and dealer principals that have driven the recent success and growth of the group, but also from a select group of private investors who will add another level of diversity, knowledge and business experience.”
The complex deal had a tight window in which to execute due diligence, capital raising, debt funding, pre and post-completion restructuring, key contract negotiation, regulatory advice and numerous landlord and OEM approvals.
“I am very appreciative and grateful for the support provided by CEO Dan Kawai and the Autoleague dealer principals, the team at Macpherson Kelley and the other advisers which included Sam Venn leading the BDO team as corporate adviser to the deal,” added Mr Kokkinos.
“I think the new brand reflects the enthusiasm and energy of the Autoleague team and their desire to build on the group’s recent success — I’m sure they’ll enjoy the ride.”
