Dealership marketing company AutoWeb completes sale to One Planet Group

Non-public fairness organization A person Earth Team has finished its acquisition of dealership advertising business AutoWeb Inc., which no for a longer time will be publicly traded.

Walnut Creek, Calif.-dependent A person Earth Team mentioned Wednesday that AutoWeb &#x2014 a service provider of shopper sales opportunities to vehicle dealerships &#x2014 will work as a standalone small business inside A person Planet’s portfolio.

“I am so energized to welcome AutoWeb into the A person Earth Team spouse and children,” CEO Payam Zamani mentioned in a assertion. “AutoWeb has an amazing legacy in the automotive room, and I believe that that its manufacturer, belongings and abilities present a basis that will allow for us to establish it again into a small business that will guide the subsequent evolution of the field.”

In July, AutoWeb, of Tampa, Fla., disclosed the acquisition plans soon after previously stating its board would discover strategic possibilities for the business, together with a opportunity sale or restructuring, together with by federal personal bankruptcy defense. AutoWeb mentioned “significant question” existed about its ability to continue as a going concern.

Zamani will acquire in excess of as AutoWeb’s CEO, changing Jared Rowe, who will go away the business. Rowe will obtain $one.75 million in installments, AutoWeb has mentioned in a regulatory submitting.

AutoWeb beforehand mentioned its shareholders would obtain 39 cents for every share by the transaction. A buy selling price was not disclosed, but previously regulatory filings mentioned AutoWeb experienced far more than 14 million remarkable shares, which equates to a buy selling price of shut to $five.five million.

A person Earth Team states its portfolio involves providers in on the net technologies and media, and it also invests in early-phase startups.

Zamani was a co-founder of AutoWeb in 1994.

The post Dealership marketing company AutoWeb completes sale to One Planet Group appeared first on Cars News Magazine.


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