DLA Piper has represented Clearlake Capital Group, L.P. (Clearlake) in its purchase of the Futuris Automotive (Futuris) business from Elders Limited (Elders) for a price which represents an enterprise value of AU$69 million.
Futuris is a leading global automotive component supplier, which designs, engineers and manufactures automotive seating and interior systems for a range of the world’s top vehicle producers including GM, Ford, Toyota and Tesla. Clearlake is a US-based private investment firm focused on special situations and private equity investments.
Under Clearlake’s ownership, Futuris will have access to fresh capital to pursue growth opportunities around the world. For Elders, the transaction represents a major step in becoming a pure play rural services business. Proceeds from the sale will be used to reduce the company’s net debt by approximately AU$56 million.
DLA Piper’s team included Partner, David Morris, Consultant, Robert Tobias and Senior Associate, Michelle Monteleone.
Said DLA Piper’s David Morris: “We were pleased to be a part of this transaction, which proves that there is still confidence in the Australian automotive industry.”