Open Road Capital’s Partnership With Bain Capital Credit and Investment in Herrin-Gear

Holland & Knight LLP and Kirkland & Ellis LLP advised Open Road Capital and Bain Capital Credit on the deal.

Open Road Capital and Bain Capital Credit completed the formation of a strategic partnership to make long-term equity investments in automobile, heavy truck, recreational vehicle and heavy equipment dealerships and other transportation companies. InterPrivate, a family office backed investment firm that helped coordinate the deal, is expected to offer additional long term capital to the platform for certain future opportunities. The platform launches with the objective of building a substantial portfolio of distinct investments in partnership with top-performing operators throughout the country.

As part of the transaction, Open Road and Bain Capital finalized the first investment in Herrin-Gear Autoplex, a premier family-owned and operated automotive dealership group. Financial terms of the transaction were not disclosed.

Herrin-Gear Autoplex is a premier family-owned and operated automotive dealership group. Founded in 1968 by Carl Herrin and George Gear, the Herrin-Gear portfolio includes BMW, Chevrolet, Infiniti and Lexus dealerships in Jackson, MS. The business has remained family-operated under the leadership of Jack Herrin since 1998.

The Kirkland team was led by transactional partners Ranesh Ramanathan (Picture) and Dena Medford and associate Nils Remole, tax partners Mike Carew, Christine Lehman and Josh McLane and associates Michael Paul Alcan and Steven Cantor, executive compensation partner Kate Coverdale and antitrust & competition partner Carla Hine; and also included assistance from transactional partner Margaret Gibson and associates Hannah Dudley and Brooke Coghlan, and litigation partner Lisa Madigan.

Involved fees earner: Michael Alcan – Kirkland & Ellis; Steven Cantor – Kirkland & Ellis; Mike Carew – Kirkland & Ellis; Brooke Louise Coghlan – Kirkland & Ellis; Katherine Coverdale – Kirkland & Ellis; Hannah Dudley – Kirkland & Ellis; Margaret Gibson – Kirkland & Ellis; Carla Hine – Kirkland & Ellis; Christine Lehman – Kirkland & Ellis; Lisa Madigan – Kirkland & Ellis; Josh McLane – Kirkland & Ellis; Dena Medford – Kirkland & Ellis; Ranesh Ramanathan – Kirkland & Ellis; Nils Remole – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Bain Capital Credit; Open Road Alliance;

Author: Ambrogio Visconti