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Error details: Error: INTERNAL_ERROR for ce941950-d962-8374-e19a-5bc1998bedcc: {"response":{"errors":[{"message":"INTERNAL_ERROR for ce941950-d962-8374-e19a-5bc1998bedcc","locations":[{"line":93,"column":7}],"path":["youmightlike"],"extensions":{"classification":"INTERNAL_ERROR"}}],"data":{"articleData":{"uri":"/2014/07/23/blackstone-drives-into-auto-repair-with-retail-stake/","canonicalUrl":"https://www.globest.com/2014/07/23/blackstone-drives-into-auto-repair-with-retail-stake/","generatedId":"fmj45ilgk","naturalId":"blogAndPostId/blog/post/296-5837","recombeeId":"296-5837","type":"ARTICLE","postFormat":null,"kickerPresentedBy":{"label":"","value":""},"breadcrumb":[],"presentedBy":"","title":"Blackstone Drives into Auto Repair with Retail Stake","readtime":"2","timeToRead":"2 minute","prettyModified":"","prettyDateTime":"July 23, 2014 at 12:02 PM","needToKnow":[],"byline":"Paul Bubny","nofollow":false,"showDisclaimer":true,"authors":[{"name":"Paul Bubny","description":"Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.","imageLarge":"http://images.globest.com/contrib/content/uploads/sites/299/2016/01/Paul-Bunny_avatar_1453917953-136x136.jpg","webUrl":"/author/profile/paul-bubny/"}],"publication":"Globe Street","kicker":"","kickerNode":[],"prettyDate":"July 23, 2014","pubDate":"2014-07-23 12:02:00:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":"","alt":""},"embed1":"","embed2":"","summary":"NEW YORK CITY—The firm is buying Service King Collision Repair Centers, with locations across 20 states, from another private equity giant, the Carlyle Group.","categories":[],"allCategories":[{"sectionName":"Dallas/Fort Worth","channelName":"GlobeSt Market"},{"sectionName":"","channelName":"GlobeSt Market"},{"sectionName":"","channelName":"Globest Sectors"},{"sectionName":"","channelName":"Globest Topics"},{"sectionName":"National","channelName":"GlobeSt Market"},{"sectionName":"Retail","channelName":"Globest Sectors"},{"sectionName":"","channelName":"tag"}],"bodyArray":["<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">NEW YORK CITY—The <strong>Blackstone Group</strong> said Wednesday it would acquire a majority stake in <strong>Service King Collision Repair Centers</strong>, among the nation's largest independent chains of auto body repair centers, from the <strong>Carlyle Group</strong>. Terms of the transaction were not disclosed; citing a source familiar with the deal, the <em>Wall Street Journal</em> reported that the deal was valued at $650 million.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">Carlyle, along with its co-investors and the management and employees of Service King, will retain a significant minority stake in the Dallas-based company. Carlyle entered the picture in August 2012 with equity from the $1.1-billion Carlyle US Equity Opportunity Fund and the $700-million Carlyle Strategic Partners Fund III L.P.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">At that time, Service King was centered primarily around Texas' major cities. Founder <strong>Eddie Lennox</strong> took out a $10,000 loan in 1976 and began making repairs from his Dallas garage; the chain had grown to about four dozen locations across the Lone Star State by the time Carlyle acquired a majority stake. Carlyle made a commitment to growing the chain, and Service King began expanding into Arizona, Tennessee, Arkansas, Mississippi, Nevada and Oklahoma.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">A deal this past April for <strong>Sterling Collision Centers</strong> added 62 stores to the total and brought Service King's reach to 20 states. Sterling was founded in 1997 and acquired by Allstate in 2001. Earlier this month, Service King acquired Collision Centers of Wylie and Rowlett in North Texas, with the two new sites bringing the total to 177.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">“We look forward to partnering with management, the Company's employee-owners, and Carlyle to support Service King's continued growth and expansion,” says <strong>Peter Wallace</strong>, senior managing director at Blackstone. A report in the <em>WSJ</em> identified the Service King buy as typical of Blackstone's recent move toward smaller, high-growth deals as traditional buyout deals become more expensive. </p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">The <em>WSJ</em> reported that another collision repair chain backed by private equity is on the auction block. Palladium Equity Partners LLC has hired an investment bank to sell ABRA Auto Body & Glass, which could fetch north of $500 million, according to the <em>WSJ</em>.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\"> </p>"],"slides":[],"video":null},"youmightlike":null,"readnext":{"contents":[{"uri":"/2025/07/10/florida-ends-tax-on-commercial-rent-bringing-relief-to-tenants/","title":"Florida Ends Tax on Commercial Rent, Bringing Relief to Tenants","byline":"Anthony Russo","summary":"The removal of the tax will increase the state's competitive advantage and lure more folks to Florida. 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