CollisionRight Founder and CEO Rich Harrison will retain significant equity ownership in the business by investing alongside Summit, as will several other members of the company’s senior management team.
CollisionRight has acquired 89 collision repair shops since being founded in 2020.
“CollisionRight has quickly established itself as a market leader in the collision repair industry, and we are excited to help Rich and his team extend this leadership position,” said John Carroll, a managing director at Summit Partners who will join Rich Harrison on the company’s board of directors.
“The collision repair industry remains highly fragmented, large and, in our view, very attractive,” added Robert Grady, an advisory partner at Summit who will also join the company’s board of directors. “We look forward to working closely with the CollisionRight team to capitalize on this opportunity and enhance the company’s position as a growing, high-quality, customer-focused company.”
The terms of the transaction were not disclosed.
Founded in 1984, Summit Partners is a global investment firm that invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare, and growth products and services.