Blackstone and Carlyle seek to sell Service King Paint & Body for more than $2 bn
14 Feb 2017
US private equity firms Blackstone Group and Carlyle Group are planning to sell auto repair-center operator Service King Paint & Body for more than $2 billion, Bloomberg yesterday reported citing sources.
Carlyle had acquired a stake in the auto repair company in 2012, while Blackstone first invested in 2014.
Blackstone and Carlyle have had discussions about starting a sale process with bankers but no final decision has been made, the report said.
Founded more than 40 years ago in Dallas, Texas by businessman and repair technician Eddie Lennox, Service King is one of the largest independently owned and operated provider of collision repair services in the US.
It owns and operates a network of auto collision repair facilities in 309 locations in 23 US states.
The company offers repair services, such as hail damage, paint less dent, windshield, aluminum, fender, bumper, glass, and auto paint repair services; and auto dent repair/removal and auto painting services. It also provides body repair, reassembly, and car rental and towing services.
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