Clarendon Lawyers, alongside Deloitte Motor Industry Services, recently advised the founders and shareholders of the Andrews & Wallis Motor Group (AWMG) on the sale of AWMG to Australian subsidiaries of IDOM Inc. (7599:TYO) (IDOM). The transaction comprised the sale of 95% of the total issued share capital in all three group companies (Airport Motor Group Pty Ltd, Fields Motor Company Pty Ltd and Wirraway Motor Company Pty Ltd), together with the business and assets of Montague Motor Company Pty Ltd and Andrews & Wallis Motor Group Pty Ltd.
AWMG was co-founded 27 years ago and currently operates four dealerships in the Essendon Fields precinct, selling vehicles from seven manufacturers, including Honda, Mazda and Toyota.
IDOM, founded in 1994 and listed on the Tokyo Stock Exchange since 1998, is now the biggest used-car dealer in Japan. IDOM also owns DVG Automotive Group, a car retailer based in Perth, which operates 24 dealerships.
The Clarendons team was led by Managing Director, Tony Symons and Senior Associate, Brendan Sheehan who were assisted by Caroline van Grieken and Ferguson Ryder. This transaction is the third transaction in the past three years that Clarendon Lawyers have acted for AWMG and follows the sale of the City Mazda dealership in 2016 and the acquisition of the Essendon Jeep Chrysler Fiat and Isuzu UTE dealership in 2017.
Mr Symons congratulated the founders of AWMG on their successful exit – the result of decades of their involvement in the car dealership industry. “We have had the pleasure of being AWMG’s trusted M&A adviser for some time now and have witnessed first hand 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. It also illustrates the high level of cross-border deals that we are seeing at the moment. ”
“We were delighted to partner with Deloitte’s Motor Industry Services team, who ran an excellent competitive bid process and showcased their extensive automotive industry experience and global reach.”
IDOM was advised by Squire Patton Boggs and BDO.