Global alternative asset manager The Carlyle Group, together with management and employees of Service King Collision Repair Centers, has announced its closure on the acquisition of majority ownership in the largest independent U.S. chain of auto body repair shops. Terms of the transaction were not disclosed.
Founder Eddie Lennox retains a significant ownership stake in Service King. Former CEO Cathy Bonner is now chairman of the board of directors. Chris Abraham serves as Service King’s new CEO, while Jeff McFadden has been named president. Bonner and other personnel say the MSO is well-positioned for national growth.
“Service King will be the premier collision repair provider in the country. We expect our brand to be the gold standard for excellence in quality of repair and service to our customers,” said Abraham.
Established in 1976 and headquartered in Dallas, Texas, Service King operates 49 locations in the Dallas-Fort Worth, Houston, San Antonio and Austin metropolitan areas and has doubled its revenue and location count in the past three years. As it embarks on a national expansion plan, Service King in May announced its planned entry into the Arizona market by partnering with Auto Body World Inc., which owns eight locations in the state.
