Service King Collision Repair Centers Acquires Wade Auto Body in Waco, Texas
WACO, TX – November 27, 2012 – Service King Collision Repair Centers, a Texas-based operator of high-quality collision repair facilities, in the San Antonio, Austin, Houston, Dallas-Fort Worth and Phoenix markets, announced they have completed the purchase of Wade Auto Body, a reputable collision repairer with three locations serving the Waco area since 1970. The transaction is expected to close before December 14th 2012.
Wade Auto Body's three locations will become Service King's 53rd, 54th and 55th locations in Texas, totaling 63 collision repair centers in North America. Two of the Wade locations are situated across from each other on I-35 in Waco for ultra-convenient customer access. These state of the art repair centers totaling 46,000 square feet are capable of repairing over 550 vehicles per month and currently employ a team of 62 people. They will join Service King's South Texas market, which employs over 383 teammates throughout Austin, Georgetown and San Antonio. Jeremy Lennox, Vice President of Service King's South Texas Market stated, "Service King is very excited and proud to be able to service the community of Waco. This is a wonderful opportunity to add to our Texas footprint and connect our Dallas/Fort Worth and South Texas markets through our continued expansion along the I-35 corridor."
Jeff McFadden, President of Service King, stated, “We are very excited to welcome Wade Auto Body to the Service King family. Wade, under Paul Anderson’s leadership, has grown to become a dominant player in the collision repair industry. Our mutual commitment to quality and customer satisfaction makes this a wonderful partnership for Service King and for our new customers in Central Texas.” Paul Anderson, Wade’s owner, started his collision repair career with Service King in 1987, before leaving in 1990 to start his own business. Paul will be rejoining Service King as a part of the leadership team upon completion of the acquisition. "We are proud of our people, growth, and achievements at Wade Auto Body. We know that Service King will feel the same way about our team and our relationship with our customers. I look forward to becoming a Service King team member again to support their contniued growth. I am also excited about the future opportunities this partnership will bring to the employees at Wade Auto Body", said Mr. Anderson.
Service King Collision Repair Centers was founded 36 years ago by Eddie Lennox, with one location in Dallas, Texas. The Carlyle Group(NASDAQ: CG) bought a majority stake in the Richardson-based Service King earlier this year, providing the capital necessary to grow nationally. Service King’s expansion continues, with 24 Dallas-Fort Worth locations, 12 Houston locations, 9 San Antonio locations, 6 Austin locations and 8 collision centers in Arizona with additional acquisitions planned by the end of next month.
For more information about Service King, visit www.ServiceKing.com. Follow Service King's news on Facebook and Twitter.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with approximately $156 billion of assets under management across 99 funds and 63 fund of fund vehicles as of June 30, 2012. Carlyle's purpose is to invest wisely and create value. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has developed expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs approximately 1,300 people in 32 offices across six continents.