CenterOak Partners Announces Sale of CollisionRight, Sixth Largest Collision Repair Operator in the U.S.
DALLAS, January 30, 2024--(BUSINESS WIRE)--CenterOak Partners LLC ("CenterOak"), a Dallas-based private equity firm, today announced the sale of CollisionRight, Inc. ("CollisionRight" or the "Company"), a leading provider of auto body repair services, to Summit Partners. This marks the third exit in the auto aftermarket for CenterOak. Terms of the transaction were not disclosed.
Since its formation in 2020, CollisionRight’s network has expanded to more than 85 repair centers across nine states. CollisionRight generates approximately 90% of its revenue through insurance carriers and repairs more than 90,000 combustion engine and electric vehicles per year in the mass and luxury markets.
"During CenterOak’s investment, CollisionRight grew revenue six-fold and became the sixth largest collision repair operator in the U.S.," said Jason Sutherland, a Managing Partner of CenterOak. "We have a history of developing investment themes and partnering with founders and talented executives to provide first time institutional capital. Alongside management, we invested in the team, operating systems, and growth, and have built a scaled provider with a market leading service offering."
"We have had tremendous success partnering with CenterOak," said Mr. Harrison, CEO of CollisionRight. "Together we executed a growth strategy that allowed us to quadruple our shop count and grow our direct repair program relationships with leading insurance carriers. We’re excited to continue our mission to provide customers with an excellent auto repair experience."
Jefferies LLC served as lead financial advisor, along with Stifel, Nicolaus & Company who also provided financial advice to CollisionRight in connection with the transaction. Gibson, Dunn & Crutcher LLP served as legal counsel to the Company.
About CollisionRight
Headquartered in Columbus, OH, CollisionRight is a leading regional provider of auto body collision repair services through a network of over 85 facilities across nine states including Illinois, Indiana, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, Tennessee and West Virginia. CollisionRight differentiates itself through a passion for quality repair work, backed by heavy investment in state-of-the-art equipment, facilities, technician training and auto manufacturer certifications. CollisionRight shops repair over 90,000 cars per year and maintain over 100 direct repair programs with insurance carriers. The Company maintains strong relationships with insurance carriers, who generate approximately 90% of the Company’s sales. For more information, please visit www.CollisionRight.com
About CenterOak Partners LLC
CenterOak Partners LLC is a private equity firm with a focus on making control-oriented investments in middle market companies organized or operating in the United States. The Firm invests in Business Services, Consumer Services and Industrial Growth companies. Based in Dallas, Texas, CenterOak has a history of creating significant value through operational improvements. CenterOak and its Partners have managed $2.5 billion of equity capital commitments and have completed more than 150 transactions, representing over $8 billion in value. For additional information, please visit www.centeroakpartners.com.
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