How we helped the world’s largest power sports dealer close Arizona’s biggest M&A deal of 2021.
On August 31, 2021, RideNow — the nation’s largest powersports dealer with almost $1 billion in annual revenue — and RumbleOn, Inc. (NASDAQ: RMBL) — an ecommerce company using innovative technology to aggregate and distribute pre-owned vehicles to and from both consumers and dealers – closed on their merger, a deal that created the first and only omnichannel powersports platform in North America.
The transaction combined a robust technology leader in online acquisition and distribution of powersports vehicles with the largest brick-and-mortar retailer in powersports. In 2020, RideNow sold 45,527 powersport units, including ATVs, UTVs, motorcycles, snowmobiles, and personal watercraft, generating almost $1 billion in revenue.
M&A attorneys (link to bios) Steve Boatwright, Dan DeChesaro (formerly with G&K), Dom San Angelo, and Guillaume Aime handled the RideNow deal with publicly-traded RumbleOn, giving the combined company a dominant position in a $100+ billion market. The G&K team managed the terms of the deal, reviewing over 300 pages of schedules and documents from 42 store locations in 11 states.
Working across our multi-disciplinary practices, G&K attorneys Anne Leary, Tim Brown, Chris Leason, Erik Smith, Danny Kolomitz, Ken Ralston, and Ashley Fitzgibbons also worked on the deal, including conducting reviews of the tax documents, auditing and due diligence, and advising on employee benefits and executive compensation packages.
Read more about this deal on Businesswire. (https://www.businesswire.com/news/home/20210315005375/en/RumbleOn-and-RideNow-Announce-Definitive-Agreement-to-Combine-Companies)