find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Deal to expand accident replacement vehicle offering

Deal to expand accident replacement vehicle offering

Eclipx will expand the offering of new and used accident replacement vehicles to ‘not at fault drivers’ with the acquisition of Right2Drive Pty Ltd.

Firms: Clifford Chance (Right2Drive Pty Ltd); Herbert Smith Freehills (Eclipx Group Ltd)

Deal: Eclipx has entered into an agreement to acquire 100 per cent of the share capital of Right2Drive for net consideration of $67 million.  

Value: $67 million

Area: M&A/Banking and finance

Key players: Clifford Chance partner Lance Sacks led the team advising Right2Drive. He was assisted by counsel Joni Henry and associate Charles Wehbe.

Deal significance: Right2Drive is an accident vehicle replacement company, operating in 16 locations across Australia and New Zealand. Its fleet size has grown to 1,300 vehicles since 2012.

Eclipx Group Limited is a leading provider of fleet and equipment leasing and management, and vehicle rental to corporate, SME and consumers in Australia and New Zealand.

Shareholders of Right2Drive were advised on the proposed acquisition by Eclipx for net consideration of $67 million.

In a statement released by Eclipx, CEO Doc Klotz described Right2Drive as a promising venture operating in a "high-growth and underpenetrated market".

"This is an exciting, synergistic and strategic acquisition providing Eclipx with a platform to expand into the medium-term vehicle rental segment providing new and used accident replacement vehicles to 'not at fault' drivers," Mr Klotz said.

Clifford Chance partner Lance Sacks said the firm's role in advising shareholders in the deal reflected a commitment to Australia’s start-up culture.

"We are pleased to continue our commitment to the new start-up culture of business in Australia. This deal facilities the sale of a business with exponential growth to a more established model," Mr Sacks said.

As at 31 March 2016, Eclipx managed or financed 92,355 vehicles across Australia and New Zealand under five primary brand names, FleetPartners, FleetPlus, CarLoans.com.au, FleetChoice and AutoSelect.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Deal to expand accident replacement vehicle offering
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Jetski
Oct 23 2017
How to fail well
The legal profession is due for an attitude adjustment when it comes to perceived failures, accordin...
Consultation
Oct 23 2017
Lawyers slam rushed consultation for SA repeat offenders bill
The Law Society of South Australia has expressed concern for a proposal to roll out new laws amendin...
IBA
Oct 23 2017
The pursuit of happiness in the law
A panel of legal experts have explored how to define success in the legal profession, and how lawyer...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...