ProCare Automotive, a portfolio company of Kinderhook Industries, has acquired Austin Motor Mile Collision (AMM).
AMM is a multi-shop operator (MSO) of collision repair shops in Texas with 12 shops in the Austin and San Antonio markets (www.ammcollision.com). The buy of AMM is the 5th add-on acquisition for ProCare and creates the 3rd largest MSO in the state of Texas.
With the buy of AMM, ProCare now operates 30 auto body repair shops in the greater Austin, San Antonio, and Houston markets. The company’s services including body repair, dent removal, glass installation, plastic reconstruction, towing, painting and paint removal, and rental car assistance. ProCare is headquartered northeast of San Antonio in New Braunfels, TX (www.procarecollision.com).
“We are excited about the combination of ProCare and AMM to create the 3rd largest MSO in the state of Texas,” said Paul Cifelli, Managing Director of Kinderhook Industries. “AMM has a great brand name, a talented management team and experienced and dedicated employees with whom we are thrilled to partner.”
Kinderhook makes control investments in companies with transaction values of $25 million to $150 million in which the firm can achieve financial, operational and growth improvements. The firm makes investments in non-core divisions of public companies, management buyouts of entrepreneurial-owned businesses, troubled situations, and existing small capitalization companies lacking institutional support. Sectors of interest include healthcare services, environmental/business services, and automotive/light manufacturing. Kinderhook was founded in 2003 and is based in New York (www.kinderhook.com).
“AMM strives for operational excellence with a personalized approach which is consistent with ProCare’s operating philosophy,” said Vince Brock, CEO of ProCare Automotive. “We are proud to expand our offering of high-quality collision repair services across Central and South Central Texas through the acquisition of AMM.”
Twin Brook Capital Partners (www.twincp.com) was the sole lead arranger and administrative agent of $45 million of financing that supported a recapitalization of ProCare and financed the acquisition of AMM.
© 2018 Private Equity Professional | May 14, 2018