23 December 2014
Carey Olsen advises on sale of flagship Channel Islands car dealership business
Carey Olsen has advised the Scott family on the sale of Jacksons CI group to an investor grouping led by Guernsey-based investment fund Bailiwick Investments Limited.
The recently completed deal includes the sale of the Jacksons and Motor Mall car dealerships in Guernsey and Jersey, St Martin's Tyres in Guernsey, Trinity Tyres in Jersey as well as the Jacksons CI group's other assets, for a total consideration of £41.7 million.
The Scott family will retain an interest in the group, with Tom Scott remaining as a director. The management team will continue to be led by Paul Collier.
Jacksons and Motor Mall operate dealerships for a number of car manufacturers across the Channel Islands, many of which are on an exclusive basis, including Aston Martin, Audi, Bentley, BMW, Jaguar, Land Rover, Mercedes-Benz, Porsche, Volvo and Volkswagen.
The purchaser, Ravenscroft Investments PCC Limited, is an investment vehicle backed by Bailiwick Investments Limited and a number of high net worth clients of Ravenscroft Limited, an independently owned investment services group based in the Channel Islands which manages more than £1.5bn in assets for both private clients and institutional clients from around the world.
Carey Olsen advised on all aspects of the transaction. The cross-practice team was led by partners Chris Philpott and Mike Jeffrey and senior associates James Willmott (Jersey corporate) and Will Whitehead (Jersey property) with support from partner Jason Morgan (Guernsey property) and associate Paul Tominey (Jersey corporate).
Carey Olsen’s involvement in the deal follows the recent cross-practice instruction on another significant Channel Island transaction - the acquisition of Jersey's landmark five-star hotel, Grand Jersey Hotel & Spa, by Handpicked Hotels.
Carey Olsen partner, Chris Philpott, said: "We have a long-standing relationship with the Scott family, and are pleased to have been able to represent them on this high-profile transaction, which demonstrates the strength and depth of our offering across the Channel Islands."
Tom Scott commented: "We required a legal services provider with a strong track record in pan-Channel Island M&A transactions. Carey Olsen's reputation for acting on major acquisitions and disposals, along with its ability to field lawyers across multiple practice areas and jurisdictions, made it the perfect choice. We know from this and previous transactions that their reputation is well-deserved".