Global alternative asset manager The Carlyle Group, together with management and employees of Service King Collision Repair Centers, has closed on the acquisition of majority ownership in the largest independent U.S. chain of auto body repair shops first announced July 25. Terms of the transaction were not disclosed.
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As previously announced, founder Eddie Lennox, retains a significant ownership stake in Service King. Cathy Bonner, formerly Chief Executive Officer, is now Chairman of the board of directors. Service King’s new Chief Executive Officer is Chris Abraham, while Jeff McFadden is named President.
Bonner said, “Service King is well positioned for national growth in the $35 billion collision repair sector.”
Established in 1976 and headquartered in Dallas, Texas, Service King operates 49 locations in the Dallas-Fort Worth, Houston, San Antonio and Austin metropolitan areas and has doubled its revenue and location count in the past three years. As it embarks on a national expansion plan, Service King in May announced its planned entry into the Arizona market by partnering with Auto Body World Inc., which owns eight locations in the state.
For more information visit www.serviceking.com.