Thomson Geer has advised Melbourne-based financier, Growth Factor Group on its acquisition of 100% of the shares in Right2Drive Pty Ltd from the Eclipx Group for a purchase price of up to AUD $26.5m in fixed and contingent consideration.
Right2Drive Pty Ltd operates with its subsidiaries Anrace Pty Ltd and Right2Drive (New Zealand) Limited as an accident hire car business in Australia and New Zealand, specialising in loaning cars to people who were involved in a not-at-fault accident, while awaiting repairs to their damaged vehicle or a write-off payment.
As part of the transaction, there will be an ongoing commercial relationship between Eclipx Group and Right2Drive including a right to supply new vehicle leases to Right2Drive for a period of three years, while all existing leases between Eclipx and Right2Drive will also remain on foot and a transitional services arrangement.
The Thomson Geer team consisted of Partner Peta Thompson, Consultant Peter Nankivell, Senior Associate Chris Chin, Associate Matt Persico and Law Graduate Bevan Wang.