HIG Middle Market (HIG), the dedicated middle market investment affiliate of HIG Capital, has completed the sale of Dent Wizard International to Gridiron Capital
Dent Wizard, based in St Louis, Missouri, specialises in automotive reconditioning. Its services help its customers sell vehicles faster and at a higher profit. In November 2010, HIG acquired Dent Wizard through a complex carve-out from Manheim and recruited a new management team. Since then, management has successfully expanded all its core service offerings and implemented a set of performance excellence tools to create the industry leading reconditioning provider.
HIG Capital Managing Director Fraser Preston, says: “Dent Wizard is an exceptional company with a bright future. We are proud of the work we did in partnership with the very talented management team to carve the business out of the corporate parent, reverse the negative growth trajectory at the time of our acquisition, and substantially increase EBITDA over the course of our four year ownership. This investment will provide an attractive return for HIG and its investors, which is a testament to Dent Wizard’s successful transformation.”
CEO of Dent Wizard Terry Koebbe, says: “HIG has been a highly effective partner that provided invaluable operational and strategic guidance. HIG’s support for the company’s growth initiatives put the business on a high growth trajectory that we feel confident will allow us to continue to succeed.”
