DLA Piper represents Clearlake Capital Group in its purchase of Futuris from Elders

DLA Piper has represented Clearlake Capital Group LP in its purchase of the Futuris Automotive business from Elders Ltd for a price that represents an enterprise value of A$69m.

Under Clearlake’s ownership, Futuris — an automotive component supplier that designs, engineers and manufactures automotive seating and interior systems for vehicle producers including GM, Ford, Toyota and Tesla — 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 A$56m.

DLA Piper’s team included partner David Morris, consultant Robert Tobias and senior associate Michelle Monteleone.