Michelin tyres.US and City Firms Roll Up For Tyre Giant Michelin Deal
Michelin sought to buy telematics company Masternaut after it became distressed.
May 23, 2019 at 07:07 AM
2 minute read
A host of firms have picked up roles on tyre giant Michelin's acquisition of U.K. vehicle technology company Masternaut Group.
France-headquartered Michelin – the second largest tyre manufacturer in the world after Bridgestone – is buying Masternaut for an undisclosed sum.
Founded in 1996, Leeds-headquartered Masternaut is among Europe's largest telematics providers. It manufactures technologies including fleet tracking, driver behaviour improvement and digital transformation devices, and manages about 220,000 light-utility vehicles.
U.S. firm Orrick Herrington & Sutcliffe is advising Michelin, with a team led by City private equity partner James Connor, who last autumn joined the firm from Simpson Thacher. Orrick Paris-based partner Alexis des Marraud des Grottes assisted on French law matters.
Michelin is a longstanding client for Orrick, which advised the company in 2017 on its acquisition of NexTraq, a U.S. provider of commercial-fleet telematics.
Fellow U.S. firms Kirkland & Ellis and Simpson Thacher & Bartlett have also won roles on the Masternaut sale.
Kirkland is advising Masternaut owners private equity fund Summit and technology company Fleetcor on the sale, with London-based private equity partner Aprajita Dhundia leading.
Meanwhile, Simpson Thacher London M&A partner Ian Barratt advised Masternaut on its financing arrangements.
Addleshaw Goddard picked up a role for Masternaut's management team, with Leeds-based corporate partner Peter Wood advising on the sale.
DLA Piper acted for Masternaut's lenders, HSBC and Silicon Valley Bank, with its head of restructuring Robert Russell leading.
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