CollisionRight, a collision repair shop consolidator in the U.S., on Jan. 30 announced a majority investment from Summit Partners, a growth equity investment firm.
The new capital will help support CollisionRight’s growth plan, which is focused on acquiring and operating high-quality, customer-friendly collision repair shops across the central and Mid-Atlantic regions.
CollisionRight founder and CEO Rich Harrison will retain significant equity ownership in the business by investing alongside Summit, as will several other members of the company’s senior management team.
Founded in 2020, CollisionRight has acquired 89 shops in the past 3.5 years, establishing the company as one of the leading consolidators and providers of collision repair services in the U.S. The company and its skilled repair technicians aim to provide high-quality, reliable repairs for consumers, using modern technology, paint and parts, and to be an equally reliable partner to the company’s insurance carrier partners who pay for the overwhelming majority of repairs undertaken by CollisionRight.
“Partnering with Summit will help CollisionRight enter a new and expanded era of growth,” said Harrison. “Summit’s growth focus and commitment to operational excellence align with our desire to continue to partner with the country’s best shop operators and provide the driving public with timely and high-quality repairs. Our goal is to create an industry leader that will set the standard for growth, excellence and customer service. We are confident that partnering with Summit will help us to achieve that goal.”
“CollisionRight has quickly established itself as a market leader in the collision repair industry, and we are excited to help Rich and his team extend this leadership position,” said John Carroll, a managing director at Summit Partners who will join Harrison on the CollisionRight Board of Directors.
“The collision repair industry remains highly fragmented, large and, in our view, very attractive,” said Robert Grady, an advisory partner at Summit who will also join the CollisionRight Board of Directors. “We look forward to working closely with the CollisionRight team to capitalize on this opportunity and enhance the company’s position as a growing, high-quality, customer-focused company.”
The terms of the transaction were not disclosed.
