Palladium Equity Partners and Management Announce Recapitalization of ABRA Auto Body & Glass
NEW YORK, Nov. 7, 2011 // PRNewswire // -- Palladium Equity Partners, LLC (together with its affiliates, "Palladium"), a private investment firm, announced today that it has partnered with management to recapitalize ABRA Auto Body & Glass ("ABRA" or the "Company"), a leading national provider of vehicle damage repair services. Terms of the transaction were not disclosed.
Founded in 1984, ABRA is a recognized leader in collision repair, paintless dent removal, and auto glass repair and replacement with 75 company-owned vehicle damage repair centers and 38 franchised centers in 12 states. ABRA distinguishes itself by providing a solution that seeks to enable its insurance company partners to substantially improve customer satisfaction and drive policyholder retention, while simultaneously reducing repair costs and realizing substantial efficiencies in the claims management process. ABRA's commitment to operational excellence allows it to consistently offer high quality service to its customers and insurance partners.
Rollie Benjamin, ABRA's founder, will remain Chairman of the Company and Tim Adelmann and Scott Krohn will continue in their senior executive roles. Duane Rouse, ABRA's President and Chief Financial Officer, was appointed Chief Executive Officer in connection with the transaction.
Rouse said, "We are extremely pleased to be working with Palladium, a firm with a strong track record as an investor and many years of experience helping companies grow. With this partnership in place, we are well-positioned to accelerate our national expansion plan, and to further our mission of becoming the leading auto body and glass company in America."
Luis Zaldivar, a Managing Director at Palladium, said "ABRA is well-known throughout the industry as a premier provider of auto body, auto glass and paintless dent repair services. But it is ABRA's innovative service model and deep insurance industry relationships that truly set it apart. The Company has a terrific management team that has guided its organic growth over the course of nearly three decades – including through the establishment of a highly successful franchise program. Palladium looks forward to partnering with ABRA on a range of new market opportunities in the months and years ahead."
Greene Holcombe & Fisher LLC of Minneapolis, Minnesota served as the company’s exclusive financial advisor and arranged the transaction. Gray Plant Mooty served as corporate counsel in connection with the transaction.
About ABRA Auto Body & Glass (http://www.abraauto.com/)
Headquartered in Minneapolis, Minnesota, ABRA is a leading provider of vehicle damage repair services in the U.S. through 75 company-owned vehicle damage repair centers and 38 franchise centers in 12 states.
About Palladium Equity Partners (http://www.palladiumequity.com/)
Palladium targets investments in business services companies as well as in financial services, consumer/retail, food/restaurants, healthcare, industrial and media businesses. Palladium has a focus on companies that are well-positioned to capitalize on the fast-growing U.S. Hispanic market. The principals of Palladium have directed investments of over $1.5 billion of equity in 50 portfolio companies over the last two decades.