Going forward, the combined company will be investing even more in enhanced technologies, specialized resources and innovative processes to redefine world-class standards for quality repairs and customer service in the industry.
“We plan on maintaining all existing centers from both companies as we embark on our journey to create one company with one operating model and one culture. We plan on further strengthening our culture that strongly supports our teammates’ careers behind industry-leading development programs,” said Steve Grimshaw, Caliber's chief executive officer, who now serves as CEO of the new combined company.
The new combined company, now operating under the Caliber brand name, will provide customers and clients with the first national lifetime warranty along with even more offerings, including dedicated non-drive facilities, express repair centers and aluminum-certified and high-line centers. The combined company will also offer glass repair, diagnostic scanning and calibration services and the broadest network of OEM-certified locations in the U.S.
Terms of the transaction were not disclosed. Private equity firm Hellman & Friedman---ABRA’s majority shareholder since 2014---will become the majority shareholder of the combined company. Caliber’s two largest shareholders, OMERS and Leonard Green & Partners, L.P. (LGP), will be minority shareholders in the combined company.
“We believe this merger represents the next evolution of the collision repair industry. The combination further enhances the companies’ best-in-class performance metrics, proven acquisition integration processes, strong relationships with insurance clients and career opportunities for our teammates,” said Erik Ragatz, partner at Hellman & Friedman. “The combined company’s expanded suite of one-stop services, together with its culture dedicated to doing the right thing for customers, clients and teammates, represents the future of the collision repair industry.”