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April 14, 2014—Service King Collision Repair Centers announced Monday that it has reached an agreement to acquire Sterling Autobody Centers and its 62 stores.
The Acquisition, which is expected to close in the second quarter of 2014, gives Service King more than 170 stores in 20 states.
Eddie Lennox founded Service King with a $10,000 loan from a neighbor. Now the company has more than 170 locations in 20 states. Service King first made plans for national expansion in 2010. In July of 2012, global alternative asset manager The Carlyle Group acquired majority ownership in Service King.
"This venture of two well-established and reputable brands will result in many opportunities for Service King and our ever growing team. We welcome our new teammates to the Service King family and are excited about what the future holds for us all," said Chris Abraham, CEO of Service King. "We are honored and appreciative of the profound opportunity this acquisition creates for the collision repair industry. We will continue to provide all of our customers and business partners with the consistent level of service that they have come to expect from Service King."
Sterling Autobody Centers was founded in 1997 with the goal of redefining the collision repair experience. Purchased by Allstate in 2001, the company quickly grew to 1,200 employees with more than 60 collision repair facilities across 16 states.
Service King, which first opened more than 38 years ago, first expanded outside of Texas in 2012, and has since moved into Arizona, Tennessee, Arkansas, Mississippi, Nevada and Oklahoma. The acquisition of Sterling allows Service King to expand rapidly outside of the Southwestern U.S.
The Acquisition, which is expected to close in the second quarter of 2014, gives Service King more than 170 stores in 20 states.
Eddie Lennox founded Service King with a $10,000 loan from a neighbor. Now the company has more than 170 locations in 20 states. Service King first made plans for national expansion in 2010. In July of 2012, global alternative asset manager The Carlyle Group acquired majority ownership in Service King.
"This venture of two well-established and reputable brands will result in many opportunities for Service King and our ever growing team. We welcome our new teammates to the Service King family and are excited about what the future holds for us all," said Chris Abraham, CEO of Service King. "We are honored and appreciative of the profound opportunity this acquisition creates for the collision repair industry. We will continue to provide all of our customers and business partners with the consistent level of service that they have come to expect from Service King."
Sterling Autobody Centers was founded in 1997 with the goal of redefining the collision repair experience. Purchased by Allstate in 2001, the company quickly grew to 1,200 employees with more than 60 collision repair facilities across 16 states.
Service King, which first opened more than 38 years ago, first expanded outside of Texas in 2012, and has since moved into Arizona, Tennessee, Arkansas, Mississippi, Nevada and Oklahoma. The acquisition of Sterling allows Service King to expand rapidly outside of the Southwestern U.S.
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