Global alternative asset manager The Carlyle Group, together with management and employees of Service King Collision Repair Centers, recently announced that they will acquire majority ownership in the largest independent U.S. chain of auto body repair shops. Founder Eddie Lennox will retain a significant ownership stake in Service King, and CEO Cathy Bonner will become chairman and represent Lennox on the board of directors.
New equity for the investment will come from Carlyle Equity Opportunities Fund L.P. and Carlyle Strategic Partners Fund III L.P. Terms of the transaction, which is expected to close in August, were not disclosed.
“We’re pleased to partner with the Lennox family, management and employee-owners in further growing the business," Shary Moalemzadeh, Carlyle managing director and a member of the Carlyle Strategic Partners investment team. "Service King’s unparalleled commitment to its customers and focus on high quality service in the collision repair business attracted us to this investment.”
Added Adam Glucksman, Carlyle managing director and member of the Carlyle Equity Opportunities investment team, “In Service King and its team, we see the opportunity to help a proven operator break through to the next level of scale in a fragmented industry.”
“I’m thrilled to have found a partner in The Carlyle Group who shares my vision for expanding our company nationally,” said Service King Founder Lennox. “We purposely sought out Carlyle based on its record of value creation. Carlyle will continue our commitment to employee ownership and providing customers with the highest level of quality and service in the industry.”
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