Thu, 24/07/2014 - 12:00
Private equity funds controlled by Blackstone are to recapitalise Service King Collision Repair Centers, one of the largest independent US chains of automobile body repair centres.
The Carlyle Group, together with its co-investors and the management and employees of Service King, will retain a significant minority stake in the company.
Terms of the transaction, which is expected to close during the third quarter, were not disclosed.
Established in 1976 and headquartered in Dallas, Texas, Service King now operates 177 locations across 20 states, having grown under Carlyle’s ownership from 47 locations in Texas.
“We are grateful for our partnership with the skilled and knowledgeable teams at the Carlyle US Equity Opportunity Fund and Carlyle Strategic Partners,” says Chris Abraham, Service King’s chief executive officer. “Service King’s recent growth is an example of Carlyle’s long-term approach to value creation and we look forward to working with our new partners at Blackstone to continue executing on our strategy.”
Shary Moalemzadeh, Carlyle managing director and co-head of Carlyle Strategic Partners, says: “In a fragmented industry, Service King has grown tremendously and Carlyle is proud to have supported their achievements. We will continue to support Service King’s business and growth strategy and we are pleased with the successes we have achieved together thus far during Carlyle’s investment period.”
Peter Wallace, Blackstone senior managing director, says: “We are excited to invest in Service King – an industry leader with an unparalleled commitment to its customers and focus on high quality service. We look forward to partnering with management, the Company’s employee-owners, and Carlyle to support Service King’s continued growth and expansion.”
Equity for Carlyle’s August 2012 investment in Service King came from the USD1.1 billion Carlyle US Equity Opportunity Fund and the USD700 million Carlyle Strategic Partners Fund III.
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