Carlyle Group and management to acquire Service King Collision Repair Centres
The Carlyle Group, together with management and employees of Service King Collision Repair Centers, is to acquire majority ownership in the largest independent US chain of auto body repair shops.
Founder Eddie Lennox will retain a significant ownership stake in Service King. Chief executive officer Cathy Bonner will become chairman representing Lennox on the board of directors.
New equity for the investment will come from Carlyle Equity Opportunities Fund and Carlyle Strategic Partners Fund III. Terms of the transaction, which is expected to close in August, were not disclosed.
Shary Moalemzadeh, Carlyle managing director and a member of the Carlyle Strategic Partners investment team, says: "We are pleased to partner with the Lennox family, management and employee-owners in further growing the business. Service King's unparalleled commitment to its customers and focus on high quality service in the collision repair business attracted us to this investment."
"I am thrilled to have found a partner in The Carlyle Group who shares my vision for expanding our company nationally," says 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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