SAM advises Lifelong-led consortium’s GoMechanic acquisition

SAM advises go-mechanic acquisition

Shardul Amarchand Mangaldas & Co (SAM) advises a Lifelong India-led consortium’s acquisition of distressed car servicing startup GoMechanic through a slump sale transaction for an undisclosed sum.

Partners Amit Khansaheb and Abhishek Dubey led the transaction team, which included principal associate Mayank Malhotra, and associates Ishita Sinha and Pallov Upadhyay. Partner Saurav Panda and senior associate Arushi Chandra provided advice on insolvency laws.

Auto component maker Lifelong India, along with venture debt provider Stride Ventures, led a consortium that initially invested in Servizzy, which then acquired GoMechanic’s business through a business transfer, structured as a slump sale.

A slump sale requires the sale of all assets and liabilities of a unit or division of an undertaking taken as a whole for a lump-sum consideration.

Other parties and advisers involved in the transaction included: Ortis Law representing GoMechanic, Khaitan & Co counselling Stride, Antares Legal for Servizzy’s founders and Credable relied on its in-house team.