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Carlyle agrees to buy Service King
Posted on Thursday, 26 July 2012 14:20
Private equity giant Carlyle has agreed to acquire a majority stake in Texas-based automotive maintenance firm Service King Collision Repair Centers.
Together with Service King’s management and employees, Carlyle will buy the shareholding, with the company’s founder Eddie Lennox to retain a minority stake and chief executive Cathy Bonner to become chairman of the company’s board.
No financial details of the acquisition, which is expected to complete in August, have been disclosed.
Adam Glucksman, managing director of Carlyle said: “In Service King and its team, we see the opportunity to help a proven operator break through to the next level of scale in a fragmented industry.”
Eddie Lennox added: “I am thrilled to have found a partner in The Carlyle Group who shares my vision for expanding our company nationally.”
“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.”
Service King was founded in Dallas in 1976 and initially began operating from a tin shed, before expanding to become the US’s largest employee-owned paint and body operation, according to its website.
The company is now headquartered in Richardson and employs more than 1,500 people across 49 locations throughout Texas.
Carlyle was formed in 1987 and is based in Washington, DC.
With over USD 159.00 billion in assets under management, the firm describes itself as one of the largest investors worldwide.
It employs more than 1,300 people throughout 32 offices in North and South America, Europe, the Middle East, north and sub-Saharan Africa, Japan, Asia and Australia.
Carlyle’s portfolio companies include cinema operator AMC Entertainment, Chinese interactive advertising firm Focus Media Holdings and vehicle rental business Hertz.
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