The Blackstone Group is acquiring a majority stake in auto repair shop chain Service King Collision Repair Centers. The Carlyle Group, its co-investors and the management and employees of Service King will retain a significant minority stake in the business.
Terms of the transaction were not disclosed. According to The Wall Street Journal, the deal was valued at around $650 million.
Established in 1976 and headquartered in Dallas, Texas, Service King operates 177 locations across 20 states.
Carlyle originally backed the business in August 2012 from its $1.1 billion Carlyle U.S. Equity Opportunity Fund and the $700 million Carlyle Strategic Partners Fund III L.P.
The transaction is expected to close during the third quarter.
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