The Carlyle Group acquires Service King
July 26, 2012—Global alternative asset manager The Carlyle Group will acquire majority ownership in Service King Collision Repair Centers for an undisclosed amount, according to an announcement from both companies.
Founder Eddie Lennox will retain a significant ownership stake, according to the news release_notes. Service King CEO Cathy Bonner will become chairwoman of the board of directors.
Equity for this investment comes from Carlyle Equity Opportunities Fund L.P. and Carlyle Strategic Partners Fund III L.P., the news release states. The transaction is expected to close in August.
“I am thrilled to have found a partner in The Carlyle Group who shares my vision for expanding our company nationally,” Lennox said. “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.”
The Carlyle Group is just as excited about the opportunities.
“We are pleased to partner with the Lennox family, management and employee-owners in further growing the business,” said Shary Moalemzadeh, Carlyle managing director and a member of the Carlyle Strategic Partners investment team. “Service King’s unparalleled commitment to its customers and focus on high quality service in the collision repair business attracted us to this investment.”