Florida-based eAutoclaims, a provider of managed collision repair services and insurance claims processing technology applications, announced the company had signed an agreement to sell the Oldsmar facility to the Barrett Family Partnership 1 Ltd. (“Barrett”).
The agreement will result in Barrett purchasing eAutoclaims’ Oldsmar facility, while eAutoclaims will remain in the facility under a new favorable long-term lease to be signed concurrent with the closing of the sale. The closing is expected to take place within 95 days per the agreement, and will be part of a simultaneous closing process whereby eAutoclaims purchases the facility from the current landlord under a purchase option provided for in eAutoclaims’ current lease agreement and subsequently selling the facility to Barrett. The completed transaction is expected to net eAutoclaims a significant profit. The proceeds from the sale will be used for additional working capital and to meet eAutoclaims future growth plans. The additional capital will result in no dilution for the Company’s current shareholders.
Eric Seidel, president and CEO of eAutoclaims, commented, “Our Oldsmar property asset presented a unique opportunity for eAutoclaims to leverage the equity for growth capital, without sacrificing shareholder value. Once the transaction is completed, it should provide us with the resources necessary to accelerate our plan. We believe this is an important milestone in strengthening our business and to fund our growth.”
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