The Carlyle Group has closed its deal to acquire Service King Collision Repair Centers.
Service King Collision Repair Centers, which operates nine locations in San Antonio, TX, was bought out by a consortium made up of The Carlyle Group and the company’s management.
The Carlyle Group now holds majority ownership in Service King. Financial terms were not disclosed.
Founder Eddie Lennox retains some ownership stake in Dallas-based Service King. Former CEO Cathy Bonner is now chairman of the board. Chris Abraham has been appointed as new CEO and Jeff McFadden is now president of the company.
Service King currently operates 49 locations in the Dallas-Fort Worth, Houston, San Antonio and Austin metropolitan areas. In the last three years, the company’s revenues and location count have doubled.
Part of the reason The Carlyle Group bought Service King is to help the company expand nationally.