The Carlyle Group will lead a management-and-employee buyout of Service King Collision Repair Centers, the largest independent U.S. chain of auto body repair shops.
Service King founder Eddie Lennox will retain a significant stake in the company. CEO Cathy Bonner has been named chairman.
Terms of the investment weren’t disclosed. It is expected to close in August.
With the new ownership investment, the employee-owned company, based in Dallas, will expand nationally.
Service King currently has 49 locations in Dallas, Houston, San Antonio and Austin. In May, it announced plans to enter the Arizona market through a partnership with Auto Body World Inc.