Targetone Innovations Pvt. Ltd. has recently sold its brand “GoMechanic” & associated business in a slump sale to a Lifelong Group-led consortium, Service Easy Technology Pvt. Ltd.
Due to the recent financial difficulties at GoMechanic, the board and shareholders with support from Stride Ventures initiated a speedy and widely publicized sale process to ensure the continuity of business.
ORTIS Law Offices acted, advised and represented GoMechanic and its founders in negotiating and finalizing the deal documents in relation to the said sale of the business.
The transaction team consisted of Sandeep Grover (Partner), Aditya Nayyar (Partner), Saurabh Bhardwaj (Partner), Swati Mittal (Senior Associate), Yashica Jain (Associate), Madhur Patel (Associate) and Dhairya Arora (Associate).
Khaitan & Co represented Stride ventures in this deal.
Shardul Amarchand Mangaldas & Co represented Lifelong Group and Service Easy Technology in this deal.
The team included Amit Khansaheb (Partner), Abhishek Dubey (Partner), Mayank Malhotra (Principal Associate), Ishita Sinha (Associate), and Pallov Upadhyay (Associate).
Saurav Panda (Partner) and Arushi Chandra (Senior Associate) advised on insolvency laws in relation to the transaction.
GoMechanic is engaged in the business of spare parts, accessories and facilitating servicing and repairs of cars, automobile spare parts etc. It is understood that Targetone has entered into a business transfer agreement and other ancillary agreements to sell its “Gomechanic” brand and associated business to Service Easy Technology Pvt. Ltd.
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