Palladium Equity Partners recapitalizes ABRA
Nov. 7, 2011—Private investment firm Palladium Equity Partners on Monday announced it partnered with ABRA Auto Body & Glass to recapitalize the company.
Terms of the transaction were not disclosed.
Palladium said ABRA’s founder, Rollie Benjamin, will remain chairman of the company. Tim Adelmann and Scott Krohn will continue in their senior executive roles. Duane Rouse, ABRA's president and chief financial officer, was appointed as the company’s CEO as a result of the transaction.
"We are extremely pleased to be working with Palladium, a firm with a strong track record as an investor and many years of experience helping companies grow,” Rouse said. “With this partnership in place, we are well-positioned to accelerate our national expansion plan, and to further our mission of becoming the leading auto body and glass company in America.”
"ABRA is well-known throughout the industry as a premier provider of auto body, auto glass and paintless dent repair services. But it is ABRA's innovative service model and deep insurance industry relationships that truly set it apart,” said Luis Zaldivar, managing director of Palladium. “The company has a terrific management team that has guided its organic growth over the course of nearly three decades—including through the establishment of a highly successful franchise program. Palladium looks forward to partnering with ABRA on a range of new market opportunities in the months and years ahead."
Minneapolis-based ABRA currently operates 75 company-owned repair centers and 38 franchise repair centers in 12 states.