August 20, 2012
For Immediate Release
The Carlyle Group and Management Partner Close Acquisition of
Service King Collision Repair Centers
Largest U. S. Independent Auto Body Repair Chain Expands Nationally
Dallas, TX – Global alternative asset manager The Carlyle Group (NASDAQ: CG), together with management and employees of Service King Collision Repair Centers, today announced that they have closed on the acquisition of majority ownership in the largest independent U.S. chain of auto body repair shops first announced July 25. Terms of the transaction were not disclosed.
As previously announced, founder Eddie Lennox, retains a significant ownership stake in Service King. Cathy Bonner, formerly Chief Executive Officer, is now Chairman of the board of directors. Service King’s new Chief Executive Officer is Chris Abraham, while Jeff McFadden is named President.
Ms. Bonner said, “Service King is well positioned for national growth in the $35 billion collision repair sector.”
“Service King will be the premier collision repair provider in the country. We expect our brand to be the gold standard for excellence in quality of repair and service to our customers,” said Chris Abraham.
Established in 1976 and headquartered in Dallas, Texas, Service King operates 49 locations in the Dallas-Fort Worth, Houston, San Antonio and Austin metropolitan areas and has doubled its revenue and location count in the past three years. As it embarks on a national expansion plan, Service King in May announced its planned entry into the Arizona market by partnering with Auto Body World Inc., which owns eight locations in the state.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with approximately $156 billion of assets under management across 99 funds and 63 fund of fund vehicles as of June 30, 2012. Carlyle’s purpose is to invest wisely and create value. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has developed expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs approximately 1,300 people in 32 offices across six continents.
About Service King
Service King Collision Repair Centers was founded 36 years ago by Eddie Lennox with one location in Dallas, Texas. Now, with 23 Dallas-Fort Worth locations, 12 Houston locations, 9 San Antonio, and 5 Austin, Texas locations, Service King recently announced national expansion plans to acquire eight collision centers in Arizona later this summer.
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