ABRA Auto Body & Glass, a portfolio company of Hellman & Friedman, has signed an agreement to acquire Kadel’s Auto Body, a portfolio company of KCB Private Equity since August 2007. Hellman & Friedman acquired ABRA Auto Body & Glass from Palladium Equity Partners in August 2014.
Kadel’s is an auto-body service provider serving the Pacific Northwest region. The company has grown both organically and through acquisitions and currently operates 23 locations in Oregon, Washington and Idaho. The company was founded in 1954 and is headquartered south of Portland in Tigard, OR (www.kadels.com).
ABRA is a national provider of vehicle damage repair services. The company provides collision repair, paintless dent removal, and auto glass repair and replacement services through 286 company-owned and franchised vehicle damage repair centers in 22 states. ABRA’s services enable its insurance company partners to improve customer satisfaction and drive policyholder retention, while reducing repair costs and driving efficiencies in the claims process. ABRA was founded in 1984 and is headquartered in Minneapolis (www.abraauto.com).
KCB Private Equity makes control investments in public or private companies that have $10 million to $60 million in recurring revenue and $1 million to $6 million of EBITDA with margins of greater than 10%. Industries of interest include retail; consumer products and services; business services and outsourcing (including technology and software tools); healthcare services (including skilled nursing facilities); education and training services and products; light manufacturing; and value-added distribution. KCB Private Equity was founded in 1986 and is based in Pasadena, CA (www.kcbpem.com).
Hellman & Friedman invests from $300 million to $1 billion in companies across a range of industries including energy & industrials; software; business and marketing services; internet and digital media; financial services and insurance; media; and healthcare. Founded in 1984, the firm has raised and managed over $25 billion of committed capital and invested in over 60 companies. Since forming its first partnership in 1987, Hellman & Friedman has raised over $35 billion of committed capital. The firm is based in San Francisco with additional offices in London and New York (www.hf.com).
Harris Williams & Co. (www.harriswilliams.com) is the exclusive advisor to Kadel’s on its sale to ABRA Auto Body & Glass. The transaction is being led by Joe Conner of Harris Williams & Co.’s Transportation & Logistics Group and Ryan Budlong, Matt Conaty and Zach England of the firm’s Consumer Group.
“We are thrilled to have represented Kadel’s shareholders in this transaction, which represents another marquee deal for Harris Williams & Co. in the automotive aftermarket services sector,” said Mr. Conner, a managing director at Harris Williams & Co. “Given our recent automotive aftermarket services sector success with Caliber Collision Centers, ABRA, Mister Car Wash, Dent Wizard, Driven Brands and Kadel’s, we believe that strong and broad-based interest from both strategic and financial buyers will continue in this vibrant portion of the aftermarket.”
2015 PEPD • Private Equity’s Leading News Magazine • 6-29-15
