ABRA to be Sold to Hellman & Friedman Equity Firm
Aug. 5, 2014—ABRA Auto Body & Glass and its principal owner, Palladium Equity Partners, have reached a definitive agreement for ABRA to be acquired by affiliates of private equity firm Hellman & Friedman LLC, along with ABRA's senior management team, ABRA announced Monday.
The acquisition is expected to close in third quarter of this year.
“Within the $30 billion collision repair sector, ABRA stands out as a highly respected, exceptionally well-run business,” said Erik Ragatz, Hellman & Friedman’s managing director. “Built on a foundation of delivering superior standards for repair quality and customer service, ABRA has become a trusted partner of leading automotive insurers and a reliable source for quality collision repair services across the nation. We see outstanding growth prospects ahead and look forward to partnering with ABRA’s team to continue to execute on their strategic plan.”
FenderBender reported in June that ABRA was up for sale and that the acquisition could bring in $500 million or more.
Last month, Palladium recapitalized ABRA, which allowed the equity firm to return $24 million in capital to investors in the company. The returned capital represented 44 percent of the firm’s invested capital, according to a press release.
Since Palladium’s purchase in October 2011, ABRA has seen 10 add-on acquisitions. Today, it has 186 company-owned shops and 48 franchised locations across 19 states.
Hellman & Friedman focuses on investing in business franchises in select industries including insurance, energy and industrials, financial services, software, internet, digital and traditional media, business, marketing and information services, and healthcare.
For more information about ABRA or the acquisition, visit AbraAuto.com.