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.