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Private equity firm One Planet Group has completed its acquisition of dealership marketing company AutoWeb Inc., which no longer will be publicly traded.
Walnut Creek, Calif.-based One Planet Group said Wednesday that AutoWeb — a provider of consumer leads to auto dealerships — will operate as a standalone business within One Planet’s portfolio.
“I am so excited to welcome AutoWeb into the One Planet Group family,” CEO Payam Zamani said in a statement. “AutoWeb has an incredible legacy in the automotive space, and I believe that its brand, assets and expertise offer a foundation that will allow us to build it back into a business that will lead the next evolution of the industry.”
In July, AutoWeb, of Tampa, Fla., disclosed the acquisition plans after earlier saying its board would explore strategic alternatives for the company, including a potential sale or restructuring, including through federal bankruptcy protection. AutoWeb said “substantial doubt” existed about its ability to continue as a going concern.
Zamani will take over as AutoWeb’s CEO, replacing Jared Rowe, who will leave the company. Rowe will receive $1.75 million in installments, AutoWeb has said in a regulatory filing.
AutoWeb previously said its shareholders would receive 39 cents per share through the transaction. A purchase price was not disclosed, but earlier regulatory filings said AutoWeb had more than 14 million outstanding shares, which equates to a purchase price of close to $5.5 million.
One Planet Group says its portfolio includes companies in online technology and media, and it also invests in early-stage startups.
Zamani was a co-founder of AutoWeb in 1994.