Service King Collision Repair Centers, today announced a partnership
with private equity funds controlled by Blackstone (NYSE:BX) to
recapitalize one of the largest independent U.S. chains of automobile
body repair centers. The Carlyle Group (NASDAQ:CG) 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 U.S. Equity Opportunity Fund and Carlyle Strategic
Partners,” said 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, said, “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.”
David Stonehill, Carlyle Managing Director and member of the Carlyle
U.S. Equity Opportunity investment team said, “We are delighted to have
partnered with management and employee-owners in expanding the business
over the past two years and look forward to continuing management’s
expansion plans for the business. Service King’s commitment to its
customers and focus on high quality service in collision repair
initially attracted us to this investment, and we welcome Blackstone’s
partnership in further strengthening the brand and business.”
Peter Wallace, Blackstone Senior Managing Director, said, “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 $1.1 billion Carlyle U.S. Equity Opportunity Fund and the$700
million Carlyle Strategic Partners Fund III L.P.
Carlyle’s U.S. Equity Opportunity Fund builds on the firm’s two decades
of investing in the mid-market buyout space. Recent deals include:
Galaxy Brands, a consumer brand acquisition and development platform and
ECi Software Solutions, a provider of enterprise resource planning and
business applications. Carlyle Strategic Partners specializes in
investments in companies that are operationally sound yet have near-term
financial needs. Recent deals include: Klenk Holz AG, a European company
in the wood-product industry, and Waddington North America, a
manufacturer of premium plastic foodservice disposables.
About Service King
Service King is one of the largest multi-shop operators of collision
repair facilities in the country, dedicated to offering customers an
overall superior service experience. Founded more than 38 years ago in
Dallas, Texas, Service King is a leader in the collision repair industry
currently serving customers at 177 locations across twenty states.
Service
King - Website
Service
King - Facebook
Service
King - Twitter
About The Carlyle Group
The Carlyle Group (NASDAQ:CG) is a global alternative asset manager with
$199 billion of assets under management across 120 funds and 133 fund of
funds vehicles as of March 31, 2014. Carlyle's purpose is to invest
wisely and create value on behalf of its investors, many of whom are
public pensions. Carlyle invests across four segments – Corporate
Private Equity, Real Assets, Global Market Strategies and Solutions – in
Africa, Asia, Australia, Europe, the Middle East, North America and
South America. Carlyle has expertise in various industries, including:
aerospace, defense & government services, consumer & retail, energy,
financial services, healthcare, industrial, real estate, technology &
business services, telecommunications & media and transportation. The
Carlyle Group employs more than 1,600 people in 38 offices across six
continents.
Web: www.carlyle.com
Videos:
www.youtube.com/onecarlyle
Tweets:
www.twitter.com/onecarlyle
Podcasts:
www.carlyle.com/about-carlyle/market-commentary
About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with almost
$300 billion in assets under management, include investment vehicles
focused on private equity, real estate, public debt and equity,
non-investment grade credit, real assets and secondary funds, all on a
global basis. Blackstone also provides various financial advisory
services, including financial and strategic advisory, restructuring and
reorganization advisory and fund placement services. Further information
is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20140723005492r1&sid=ntxv4&distro=nx&lang=en)
Copyright Business Wire 2014