Czech Republic: Schoenherr advises Auto Palace Group on acquisition of car dealerships from CarPoint Karlovy Vary s.r.o.
Schoenherr advised the Auto Palace Group ("Auto Palace"), a Czech subsidiary of the AutoBinck Group and a leader in car dealerships in the Czech Republic, on the acquisition of two car dealerships in Prague and Karlovy Vary from CarPoint Karlovy Vary s.r.o. With this expansion Auto Palace acquires two more dealerships with an investment value of almost EUR 6 million, and will expand its offer with five new brands, namely Audi, Volkswagen, Volkswagen Commercial Vehicles, SEAT and Cupra.
"We are pleased that we could assist Auto Palace with such a significant expansion in the Czech market, one that will enrich their offering with five new brands, and contribute to the business strategy of the company," said the leader of the advisory team, Ondřej Havlíček, after closing the transaction.
Schoenherr Prague provided Auto Palace with comprehensive transactional advisory services, including legal due diligence, structuring of the transaction, preparation and negotiation of the sale and purchase agreement, and lease agreements.
Auto Palace belongs to the Dutch group AutoBinck, founded in 1907, which currently operates in eight European countries. In the Czech Republic, Auto Palace is one of the leaders in new and used car dealerships. In 2021 Auto Palace expects to sell more than 15,000 new and 5,000 used cars.
CarPoint Karlovy Vary s.r.o. has been an authorised dealer of the Audi, Volkswagen and Volkswagen Commercial Vehicles brands since 2003, and services all Škoda Group brands.
The Schoenherr team was led by Ondřej Havlíček (attorney at law) together with Vladimír Čížek (partner) and was supported by Jiří Marek (attorney at law) and Jáchym Bém (associate).
CarPoint Karlovy Vary s.r.o. was advised by Baroch Sobota law firm.
Financial and tax advisory services for Auto Palace were provided by RSM CZ a.s., and for Car-Point Karlovy Vary s.r.o. by BDO Czech Republic s.r.o.