Legacy Acquisition Corp. has signed a definitive agreement to acquire Cranbury-based Onyx Enterprises Int’l. Corp., owner and operator of CARiD.com, an e-commerce platform for the automotive aftermarket.
The deal, valued at approximately $285 million in cash and stock, would see Onyx become a wholly owned subsidiary of Legacy.
“We are thrilled to join with Legacy and transition Onyx to the public markets,” Antonino Ciappina, Onyx’s CEO, said in a prepared statement. “We believe our technology-led, data-driven approach to digital commerce provides us with a long runway for profitable growth within our existing lines of business, as well as expansion into other complex, multidimensional parts and accessories markets.”
Legacy will change its name to PARTS iD Inc. to focus on the digital commerce market, reflecting other Onyx platforms such as MOTORCYCLEiD, TRUCKiD and BOATiD, as well.
“Onyx has distinguished itself as a true disruptor in the auto aftermarket industry through its proprietary tech-driven platform and experienced leadership team,” Edwin Rigaud, Legacy’s CEO, said in a statement.
Both boards of directors have approved the transaction, which is expected to close in November, subject to customary conditions and approvals.
Wells Fargo Securities LLC served as Legacy’s financial adviser, while Canaccord Genuity is advising Onyx. Wells Fargo Securities LLC, Cantor Fitzgerald & Co. and Stifel, Nicolaus & Co. are Legacy’s capital markets advisers. DLA Piper LLP and Graydon Head & Ritchey LLP are serving as Legacy’s legal advisers, while Faegre Drinker Biddle & Reath LLP is Onyx’s legal counsel. Daniel J. O’Hern Jr. of Byrnes, O’Hern & Heugle LL is Onyx’s company counsel.