Squire Patton Boggs has advised Tokyo-based IDOM Inc. (TYO: 7599) on the sale of its Australian automotive operations to a consortium of managers and dealer principals. The transaction value is north of AU$150 million.
The deal was led by corporate partner Chris Rosario, senior associate Blair Strickland and associate Marcus Edwards, with assistance from the firm’s labour & employment and property practices. The buyer consortium was advised by Macpherson Kelley.
Tony Chong (Perth managing partner and head of the firm’s Australian Asia Desk) and the team at Squire Patton Boggs have worked with IDOM in Australia for many years and also with the DVG Automotive Group. Since 2019, they have assisted IDOM’s expansion onto the East Coast with the acquisition of Andrews & Wallis Motor Group.
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”.
Founded in 1994, Japanese automotive retailer IDOM Inc, has a network of more than 550 used-vehicle stores operating under the Gulliver brand and also operates new car dealerships and overseas businesses. It became a publicly traded company on the Tokyo Stock Exchange in 1998.