Palladium Equity Partners, LLC has hired an investment bank to sell its stake in ABRA Auto Body & Glass, according to the Wall St. Journal. Palladium acquired its controlling interest in ABRA in 2011. Prior to that deal, ABRA had been financed by Prudential Capital Partners, a private equity firm under Prudential Financial.
The story is readable by subscribers at http://online.wsj.com/articles/private-equity-firm-puts-abra-auto-body-on-auction-block-1403649151
ABRA Auto Body & Glass recently announced the purchase of all 12 True Quality Collision Centers in Cincinnati and Dayton, Ohio, and Bloomington, Ind. Terms of the deal were not disclosed.
ABRA is one of the largest and fastest-growing multi shop repair operators in the country. This acquisition introduces the company to the state of Ohio and is another step in expanding its national footprint. ABRA’s repair center portfolio now stands at 229 locations in 18 states.
Duane Rouse, ABRA’s president and CEO, said, “Our growth strategy is on target and progressing as planned. We are delighted to enter the Ohio market while expanding our presence in Indiana. We look forward to serving our customers and business partners in this region of the country.”
“ABRA is a trusted leader in the collision repair industry,” said John Kallenberger, co-owner of True Quality Collision Centers. “Their superior processes assure our customers will enjoy the same top-quality workmanship they received with us over the years.”
Co-owner Jerry Fry added, “ABRA has had an excellent reputation for more than 30 years. I have no doubt our employees will be in exceptional hands moving forward.”