Baker McKenzie has successfully acted for Clarus Corporation, a leading NASDAQ listed US developer, manufacturer and distributor of outdoor equipment and lifestyle products, headquartered in Salt Lake City, Utah, in the acquisition of Rhino-Rack, an Australian based, leading aftermarket automotive roof rack and accessories brand.
Baker McKenzie's lead partner, Richard Lustig stated: "This is a transformative, cross-border acquisition for our client, Clarus, which will add significant scale and global growth opportunities. The Rhino-Rack business will continue to operate independently as a wholly-owned indirect subsidiary of Clarus."
Rhino-Rack has leading market share for its core products in Australia and New Zealand with a growing presence globally, particularly in the US, and is best known for its superior roof rack designs with best-in-class solutions. The company has well established routes to market through a combination of long-standing distributors, retail relationships, OEM partners, third-party e-commerce sites and growing direct-to-consumer presence.
The transaction is at a price of AUD 255 million and is expected to close in July 2021, subject to customary closing conditions as well as certain regulatory approvals in New Zealand. Following the transactions closing, the Rhino-Rack management team will continue to run the business from Rhino-Rack’s headquarters in Australia.
Richard was assisted locally by a core Baker McKenzie team comprising Caroline Tait, Kurt Fisher and Greg Smith alongside a team of lawyers from Baker McKenzie's Australian and international offices.