NASDAQ-listed developer Clarus Corporation has been advised on its acquisition of Australian aftermarket automotive roof rack and accessories brand Rhino-Rack.
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.
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.”