CarLotz Going Public

By Staff Writer October 23, 2020

Acamar Partners Acquisition Corp., a publicly traded special purpose acquisition company, and CarLotz Inc., one of the largest privately-held used vehicle retail disruptors with the industry’s only consignment-to-retail sales platform, announced they executed a definitive business combination agreement that would make CarLotz a public company. At closing, anticipated in the fourth quarter of 2020, the combined company will be named CarLotz Inc. and is expected to remain listed on Nasdaq and trade under the new ticker symbol LOTZ.

Fidelity Management & Research Company LLC and other key investors along with strategic partners including KAR Global, McLarty Diversified Holdings, Rick Wagoner  and TRP Capital Partners (have committed to invest $125 million in the form of a common stock PIPE at $10.00 per share. Acamar Partners and CarLotz Co-Founder and Chief Executive Officer Michael Bor are also participating in the PIPE. Strategic investors and management represent circa 15 percent of the PIPE.

“CarLotz embodies our investment philosophy of growth and value creation,” said Luis Solorzano, chief executive officer of Acamar Partners. “Our team at Acamar Partners is partnering with CarLotz not only because the company offers the highest growth prospects in the industry over the coming years, but also because it is one of the industry’s run-rate profitable and cash-flow breakeven players.”

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Last modified on Friday, 23 October 2020 13:50