ABRA Auto Body & Glass and its principal owner, Palladium Equity Partners LLC, have announced a definitive agreement for ABRA to be acquired by affiliates of Hellman & Friedman LLC, along with ABRA’s senior management team.
ABRA’s nationwide network includes 186 company-owned vehicle damage repair centers and 48 franchised centers in 19 states.
“It is with the dedicated work of our employees, the trust of our customers, and the tremendous support of our insurance partners that ABRA has become an iconic name in auto body and glass repair in the three decades since its founding,” said Duane Rouse, president and chief executive officer of ABRA. “Hellman & Friedman brings deep insurance and automotive service industry expertise and an exemplary record of helping companies such as ABRA continue to evolve and grow. We look forward to working together to build on our track record of success.”
“Within the $30 billion collision repair sector, ABRA stands out as a highly-respected, exceptionally well-run business,” said Erik Ragatz, managing director of Hellman & Friedman. “Built on a foundation of delivering superior standards for repair quality and customer service, ABRA has become a trusted partner of leading automotive insurers and a reliable source for quality collision repair services across the nation. We see outstanding growth prospects ahead and look forward to partnering with ABRA’s team to continue to execute on their strategic plan.”
Added Luis Zaldivar, managing director of Palladium, “We are proud to have been part of ABRA’s successful growth over the past three years. During our partnership, we worked closely with ABRA’s exceptional management team to enter new markets, accelerate the company’s acquisition program and enhance the company’s industry-leading capabilities. We are confident Hellman & Friedman will be an ideal partner in the next stage of the company’s development.”
The transaction is expected to close in the third quarter of 2014 and is subject to customary conditions.
Harris Williams & Co. acted as adviser to ABRA in connection with the transaction. Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP served as legal advisers to ABRA and Hellman & Friedman, respectively.
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