Japanese automotive retailer IDOM has sold its Australian operations, in a deal worth approximately $150 million.
Firm: Squire Patton Boggs (IDOM Inc)
Deal: Squire Patton Boggs has advised Tokyo-based IDOM on the sale of its Australian automotive operations to a consortium of managers and dealer principals.
Value: $150 million
Key players: The deal was led by corporate partner Chris Rosario (pictured), senior associate Blair Strickland and associate Marcus Edwards, with assistance from the firm’s labour and employment and property practices. The buyer consortium was advised by Macpherson Kelley.
Deal significance: Founded in 1994, Japanese automotive retailer IDOM has a network of more than 550 used-vehicle stores operating under the Gulliver brand and also operates new car dealerships and overseas businesses.
Commenting on the current transaction, Mr Rosario said: “It is always a pleasure to work on a management buy-out as there is no greater endorsement of an organisation than when its employees and partners invest in its future. We wish all involved great success going forward.”