OMERS Private Equity (OPE) announced that it, along with existing management, has acquired Caliber Collision Centers from private equity firm ONCAP. Terms of the transaction were not disclosed. Based in Dallas, Texas, Caliber operates a network of 157 collision centers located in Calif., Texas, Ariz., Nev., Okla. and Colo. The company has approximately 3,700 employees […]
KKR Acquires Mitchell International
Aurora Capital Group sells the stake in Mitchell that it acquired in 2007. Mitchell International announced yesterday that it has executed a definitive agreement with KKR whereby Aurora Capital Group will exit its equity position and transition ownership to KKR. Financial terms of the transaction were not disclosed. Aurora led an investment group that acquired […]
Massachusetts Bill Seeks State-Set Labor Rate
Insurance commissioner would set minimum rates based on rates in neighboring states. The Massachusetts legislature will once again consider legislation that would establish a state set auto body labor rate. At a hearing scheduled for June 20, the Joint Committee on Financial Services will consider a measure that would set a state minimum labor rate […]
Investcorp Completes Sale of CCC to Leonard Green & Partners
Investcorp confirmed that it has successfully completed the sale of CCC Information Services to the Los Angeles based private equity firm Leonard Green & Partners, L.P. Terms of the transaction were not disclosed however Investcorp noted that the sale of CCC unlocks over $550 million in proceeds for Investcorp and its investors. CCC was a […]
CCC to Get New Controlling Interest Investor
CCC Information Services Inc. announced that the private equity firm Leonard Green & Partners has entered into a definitive agreement to acquire a controlling interest in the company from Investcorp. Committed debt financing has been provided by affiliates of Goldman Sachs, including its principal mezzanine funds, and J.P. Morgan. Terms of the transaction were not […]
Massachusetts Legislators Pass Right to Repair Bill
Compromise with automakers sends last minute bill to Governor’s desk. Massachusetts lawmakers have passed a last minute compromise bill to settle the Right to Repair dispute over OEM diagnostic information. The language of the bill was proposed in a joint letter on Tuesday to lawmakers from car manufacturer associations and the Right to Repair Coalition. […]
The Carlyle Group to Acquire Service King Collision Repair Centers
The investment firm The Carlyle Group, together with management and employees of Service King Collision Repair Centers, announced they will acquire majority ownership in the chain of auto body repair shops. Founder Eddie Lennox will retain a significant ownership stake in Service King. Chief Executive Officer Cathy Bonner will become Chairman representing Lennox on the […]
Ameriprise Launches Online Claims Handling for Non-DRP Shops
New ‘Shop of Choice’ program designed to ease repair process through out of network shops. Ameriprise Auto & Home Insurance launched a new program last week that it hopes will improve its collision repair claims service through non-direct repair facilities. The company, which primarily writes auto insurance on a direct to consumer model in 44 […]
Assured Performance and CARFAX Sign Reporting Deal
Assured Performance Network announced that they have entered into an agreement with CARFAX to report when a vehicle is repaired using 100 percent OEM Collision repair parts if it is already reported as damaged. The repair reporting also requires the shop and consumer’s permission. Buyers and sellers of used cars will now have information about […]
Last CIC Meeting of 2010 Hits Data Privacy, Repair Standards
New chairman comments on plan for results-oriented process for CIC. Although the results of the recent crash testing of non-OEM parts by Ford and the Insurance Institute for Highway Safety, previously reported on CollisionWeek, were among the topics at the most recent Collision Industry Conference (CIC), the quarterly gathering focused on a variety of other […]