Top lawyer says the deal shows the high level of cross-border deals being seen at the moment
Top firms have advised as Japan’s largest dealer of used cars diversifies and expands down under.
IDOM Inc., through its Australian subsidiaries, which were advised by Squire Patton Boggs, has agreed to buy 95% of the total issued capital share in the Andrews & Wallis Motor Group (AWMG) and the business and assets of Montague Motor Company and AWMG.
Clarendon Lawyers advised the founders and shareholders of AWMG. The group is made up of Airport Motor Group, Fields Motor Company, and Wirraway Motor Company.
Founded 27 years ago, AWMG has four dealerships in Essendon Fields in Melbourne. These dealerships have Toyota, Alfa Romeo, Chrysler and Jeep, Fiat, Isuzu Ute, Honda, and Mazda franchises.
Financial details of the deal were not disclosed, but The West Australian said that Japanese buyers paid about $70m in the deal. The deal comes after IDOM bought a majority stake in WA-based DVG Automotive Group for $121m.
Tony Symons, managing director, and Brendan Sheehan, senior associate, led the Clarendons team, which worked alongside Deloitte Motor Industry Services to advise AWMG’s founders and shareholders. They were supported by associate director Caroline van Grieken and graduate lawyer Ferguson Ryder.
Clarendon Lawyers have a long-standing relationship with AWMG, having advised the company on the sale of the City Mazda dealership in 2016 and the acquisition of the Essendon Chrysler Fiat and Isuzu UTE dealership in 2017.
“We have had the pleasure of being AWMG’s trusted M&A adviser for some time now and have witnessed firsthand the growth and success that they have achieved. This transaction is a great result for the founders after building a terrific business together over many years,” Symons said. “It also illustrates the high level of cross-border deals that we are seeing at the moment.”