Jack Clipsham FCA BA (Hons)
- Partner and Head of Corporate Finance
- +44 (0)330 124 1399
- Email Jack[email protected]
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Global Critical Logistics (GCL) group has acquired Classic Automotive Relocation Services (CARS) with the support of financial and tax due diligence and structuring advice from Kreston Reeves.
The acquisition involved three separate purchases of the different components of CARS’ global operations. CARS specialises in the road, air and sea freight transportation of rare and luxurious vehicles globally, helping clients navigate the complexities of freight documentation and customs brokerage to reach car shows, exhibitions, trade shows, motoring events and rallies. The company operates a network of specialist storage facilities and provides international transportation, customs brokerage, vehicle storage, Carnet de Passages, motorsport logistics and OEM testing options. CARS is headquartered in the UK and has offices in the USA, UAE, the Netherlands and Japan.
GCL is a holding company that owns a family of brands, including Rock-it Global, Dietl, Cosdel, CargoLive, Dynamic International, GCL Jets and now CARS. GCL provides mission-critical logistics services for live events, fine art, classic and high-value automobiles, film, television, broadcast, sports and motorsports industries worldwide. With 39 owned offices in 14 countries, GCL is backed by New York-based sector-focused private equity firm ATL Partners, which invests in aerospace, transportation and logistics.
Kreston Reeves’ Corporate Finance Partner Jack Clipsham and Corporate Tax Partner Laurence Parry led the team providing advice on the transaction, supported by Director James Reed-Sperrin, Senior Managers Jeremy Marshall and Mohammed Mujtaba and Analyst Brandon McBride. Jack Clipsham said: “The classic vehicle and motor sports markets remains strong attracting considerable interest around the world. Kreston Reeves brings an experienced and strong team to complex and multi-jurisdiction corporate finance deals, and it was a privilege to advise GCL on this important acquisition.”
Paul J. Martins, President & CEO of GCL, commented: “This acquisition extends the GCL group’s service offering and proven operational capabilities across key strategic growth markets, both in terms of customer industries and geographic presence. Kreston Reeves provides great service and support to all the companies that make up GCL – it is a great team effort.”
Andrew Blay, VP Corporate Development & Finance of GCL said: “This transaction has been one of the most challenging deals of my career and Kreston Reeves has provided extraordinary support on this project – we could not have completed the deal without the firm’s expertise and pragmatism during diligence. Without your seasoned experienced and measured perspectives, we may not have reached this outcome.”
The acquisition strengthens GCL’s position as a global specialist freight forwarder for high-end and high-value automobiles and complements GCL’s existing brand Cosdel International Transportation. The combination of CARS’ and Cosdel’s expertise and global coverage creates a new global leader serving this complex and demanding market.
If you would like further information, please get in touch with our team.
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