Personal fairness agency One Planet Group has accomplished its acquisition of dealership advertising and marketing firm AutoWeb Inc., which now not will probably be publicly traded.
Walnut Creek, Calif.-based One Planet Group stated Wednesday that AutoWeb — a supplier of shopper results in auto dealerships — will function as a standalone enterprise inside One Planet’s portfolio.
“I’m so excited to welcome AutoWeb into the One Planet Group household,” CEO Payam Zamani stated in a press release. “AutoWeb has an unbelievable legacy within the automotive area, and I imagine that its model, property and experience provide a basis that can enable us to construct it again right into a enterprise that can lead the following evolution of the trade.”
In July, AutoWeb, of Tampa, Fla., disclosed the acquisition plans after earlier saying its board would discover strategic alternate options for the corporate, together with a possible sale or restructuring, together with by means of federal chapter safety. AutoWeb stated “substantial doubt” existed about its capability to proceed as a going concern.
Zamani will take over as AutoWeb’s CEO, changing Jared Rowe, who will go away the corporate. Rowe will obtain $1.75 million in installments, AutoWeb has stated in a regulatory submitting.
AutoWeb beforehand stated its shareholders would obtain 39 cents per share by means of the transaction. A purchase order worth was not disclosed, however earlier regulatory filings stated AutoWeb had greater than 14 million excellent shares, which equates to a purchase order worth of near $5.5 million.
One Planet Group says its portfolio consists of corporations in on-line know-how and media, and it additionally invests in early-stage startups.
Zamani was a co-founder of AutoWeb in 1994.