M&A · Industrials · Retail-Auto Dealers & Gasoline Stations
Shift Technologies, Inc. to acquire CarLotz, Inc.
Announced Aug 9, 2022 · Closed Dec 9, 2022
Deal value—
Premium70.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Shift Technologies, Inc. (SFT)
- Target
- CarLotz, Inc. (LOTZ)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Dec 9, 2022
Deal protections
- Break fee (target pays)
- $4.3M
- Reverse fee (buyer pays)
- $4.3M
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Centerview, Cohen & Company Capital Markets
- To the target
- William Blair
- Centerview fee
- $5.0M
- William Blair fee
- $2.5M
Sector context · Industrials
- Comparable deals
- 76 in the prior 24 months
- Premium
- 70.0% vs. 47.1% sector median
- EV / Adj. EBITDA
- Sector median 10.8x
- Break fee
- Sector median 2.8%
Timeline
- AnnouncedAug 9, 2022
- Proxy filedNov 8, 2022
- Definitive proxyNov 8, 2022
- Shareholder voteDec 7, 2022
- ClosedDec 9, 2022
Valuation · fairness opinions
Trading comparablesCenterview$0.58$0.88
Trading comparablesCenterview$0.07$0.83
Discounted cash flowCenterview$0.65$2.38
Trading comparablesCenterview$1.42$1.48
Trading comparablesCenterview$1.23$1.36
Trading comparablesWilliam Blair$0.53$6.26
Trading comparablesWilliam Blair$1.40$9.30
Trading comparablesWilliam Blair$1.76$3.97
Trading comparablesWilliam Blair$1.55$3.26
Discounted cash flowWilliam Blair$0.89$2.27
Implied value per CarLotz, Inc. share by analysis, from Centerview and William Blair · DCF discount rate 15.5%–17.5%.