LOS ANGELES--(BUSINESS WIRE)--Zukin Partners represented HyreCar, Inc. in its sale to Getaround, the world's first connected carsharing marketplace, via a Bankruptcy Court supervised Section 363 Sale. The auction was concluded on May 8, 2023 and the sale was finalized at a Bankruptcy Court hearing on May 15, 2023.
Zukin Partners was instrumental in steering HyreCar's sale process to a successful conclusion. After HyreCar secured a stalking horse bid, Zukin was hired to reach out to a broader set of alternative potential buyers. After reaching out to over 100 prospective buyers, where 9 met with management, Zukin conducted a robust auction process that resulted in an incremental 20% premium to the stalking horse bid.
"Our role advising on this complex and high-profile transaction demonstrates the strengths of our E-commerce, technology, M&A, and restructuring expertise," said Zukin Partners' Managing Partner Jim Zukin. "We expect the expanded use of the Bankruptcy Code's 363 Sale Process to be an important tool for transferring assets throughout the remainder of 2023."
HyreCar, Inc., headquartered in Los Angeles, CA, is a national carsharing marketplace for the gig economy including ridesharing, food, and package delivery via its proprietary technology platform.
San Francisco-based Getaround (NYSE: GETR) makes sharing cars and trucks simple through its proprietary cloud and in-car Connect technology.
Zukin Partners representation of HyreCar, Inc. was led by Partners Jim Zukin and Ari Schottenstein.
More information on the transaction can be found here.
Contacts
For more information please contact: ari@zukinpartners.com