TPG Acquires Classic Collision

The deal comes about four years after Classic Collision was first acquired by another private equity firm, New Mountain Capital.


TPG, a global alternative asset management firm, announced its U.S. and European private equity platform, TPG Capital, will acquire Classic Collision, a prominent national collision repair operator, from New Mountain Capital.

Classic Collision’s management team will remain invested in the company. Terms of the transaction were not disclosed.

“Today’s announcement is an exciting milestone for Classic Collision and a great testament to the strength of our team and our collective commitment to providing the highest quality service with integrity,” said Toan Nguyen, CEO of Classic Collision. “TPG shares our vision, and I believe they are the right partner to help us take Classic to its next level. I also want to thank the New Mountain team for their tremendous support as we’ve grown our platform.”

Classic Collision was founded in 1983 in Atlanta, GA, and has since grown an extensive reach across 262 locations in 16 states -- 100 of those in the last four years, since it was acquired by New Mountain Capital in January 2020, the latest of which came with the two-shop acquisition of Heat Collision Auto Body Specialist in Florida.

Before New Mountain’s ownership, Classic was a family-owned and operated business that grew by adding greenfield locations and building a strong reputation with automotive insurance carriers and local dealerships.

“Toan and his team have grown Classic into a leading collision repair platform with best-in-class customer satisfaction, strong insurance partner relationships, differentiated manufacturer certifications, and a proven acquisition and integration playbook,” said Paul Hackwell, partner at TPG. “We are excited to partner with management to grow the company’s market leadership while continuing to empower the distinct culture and passion for problem solving that distinguishes Classic.”

“Since our initial acquisition, Classic has accelerated investments in people, operations and innovation for the benefit of its customers. We thank Toan and the management team for a successful partnership in building a leading, national collision repair platform,” said Ricardo Gonzalez, managing director at New Mountain Capital.

“Toan’s vision and ambitions for Classic and the future of auto body repair are differentiated, and we believe there is a bright future ahead for the business,” added Robert Mulcare, managing director at New Mountain Capital.

The transaction is set to finalize in Q2 2024.

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