Kirkland & Ellis advised Open Road Capital and Bain Capital Credit on the formation of a strategic partnership to make long-term equity investments in automobile, heavy truck, recreational vehicle and heavy equipment dealerships and other transportation companies. InterPrivate, a family office backed investment firm that helped coordinate the deal, is expected to offer additional long term capital to the platform for certain future opportunities. The platform launches with the objective of building a substantial portfolio of distinct investments in partnership with top-performing operators throughout the country.
As part of the transaction, Kirkland provided counsel on Open Road and Bain Capital’s first investment in Herrin-Gear Autoplex, a premier family-owned and operated automotive dealership group. Financial terms of the transaction were not disclosed.
The Kirkland team was led by transactional partners Ranesh Ramanathan and Dena Medford and associate Nils Remole, tax partners Mike Carew, Christine Lehman and Josh McLane and associates Michael Paul Alcan and Steven Cantor, executive compensation partner Kate Coverdale and antitrust & competition partner Carla Hine; and also included assistance from transactional partner Margaret Gibson and associates Hannah Dudley and Brooke Coghlan, and litigation partner Lisa Madigan.