The Carlyle Group closes Service King acquisition
Aug. 20, 2012—Global alternative asset manager The Carlyle Group has closed on its acquisition of Service King Collision Repair Centers.
Terms of the transaction were not disclosed.
The Carlyle Group now holds majority ownership in Service King. Service King said its founder, Eddie Lennox, has retained a significant ownership stake in the company.
Service King said the acquisition resulted in minor leadership changes. Cathy Bonner, former CEO of the company, is now chairman of its board of directors. Chris Abraham has been appointed as Service King’s new CEO, and Jeff McFadden has been appointed president of the company.
“Service King is well positioned for national growth in the $35 billion collision repair sector,” Bonner said.
Dallas-based Service King operates 49 collision repair locations throughout Texas. The company also entered the Arizona market in May after acquiring Auto Body World Inc., which operates eight shop locations in the state.