Auto company sells Tecalemit business
A mid-sized firm negotiated the sale of Cooper-Standard’s Tecalemit business and properties.
Firms: Piper Alderman (Cooper-Standard); Ashurst (BRMJ Pty Ltd)
Deal: Cooper-Standard Holdings sold its lubrication and workshop equipment business to various buyers, including BRMJ
Key players: The team from Piper Alderman consisted of partner James Dickson and senior associate Jen Tan.
Cooper-Standard Holdings Inc., headquartered in the United States and listed on the New York Stock Exchange, is a multibillion-dollar global supplier of systems and components for the automotive industry in 20 countries, and is the largest Chinese automotive sealing manufacturer, according to a statement from Piper Alderman.
Mr Dickson said the transaction began as a simple M&A, but quickly became complex with unusual employment issues and the need for separate land sales.
“This required significant advice on restructuring to maximise value and involved extensive negotiations with multiple parties over many months,” he said.
“The subsequent restructuring of the transaction required by the purchasers towards the end of the transaction resulted in a significant amount of work to be done in a very short space of time. The contemporaneous business and land sales required as unusual level of planning to ensure continuity of business. “