by Craig Steinly | 1:12 pm

Wednesday, ABRA and Caliber Collision announced plans to combine into a single business that one financial analyst projected could contain as much as $3.5 billion in annual revenue. The two companies are part of the ABRA group of businesses which include global rental-assistance leader Yellow Pages and local businesses like T.W. Key and Supervaluent. Both are well-known and have broad customer bases, but the new combined company will be able to build upon its shared platform and expand its customer base.

Caliber Collision

“The collision repair and refinancing industry are one of the fastest-growing segments in our overall economy,” said Steve Grimshaw, ABRA’s CEO. “This is a tremendous opportunity for ABRA to join forces with Caliber and become one of the top three auto body repairs and refinancing companies in the nation.” The acquisition is expected to increase shareholder equity and diluted free equity valuation per share, both of which are important for the successful growth and future growth of ABRA. Additionally, the addition of a strong collision repair division will allow the company the flexibility to grow into other areas like medical and industrial bodywork and other repair categories.

Johnston & Sullidge, LLP, one of the country’s premier management firms, has been assisting the company with its strategic planning and corporate restructuring activities. ABRA’s chief executive officer, Steve Grimshaw, and CFO, Richard Combs, jointly leads the venture, with the help of private equity investors. “This is an exciting day for ABRA and the people of its many stores,” said Thomas Omers, managing director of T.W. Key, one of the world’s largest private equity investors.

“We are pleased to have reached this important agreement with Caliber,” said Combs. “The collision repair business is a growing segment within ABRA and we believe it is very important for us to acquire this acquisition to strengthen our ability to provide comprehensive collision and maintenance services to our customers, their mechanics and their repair centers.” “With the addition of the Collision Repair Services division to ABRA, we will be able to provide services to our customers at more cost effective prices, streamline our operations, and better utilize our store locations,” said Grimshaw. “We are also pleased that Steve and Richard are both committed to building a strong and successful ABRA business that will contribute to the long-term success of our company.” Both Omers and Combs will serve as CFO and CIO, respectively.

“We are extremely excited about this new direction for ABRA,” said Omers. “We believe that combining our collision repair and bodywork expertise with Caliber’s engineering and technology will bring great benefit to our customers and to our company’s bottom line.” “We look forward to combining our complementary skills and systems,” said Combs. “As we combine our passion and our strengths, we will create incredible opportunities for growth in our industry and position ourselves as one of the premier collision repair service providers in the country.” “We are pleased that our shareholders will see the positive results of this transaction as early as this year,” said Alan D. Pattison, CFO and CIO of Caliber. “This transaction is strongly supported by the management team, the organization, and our vendors and is expected to create additional long-term value for our stockholders.”

“Caliber and ABRA are complementary enterprises in many ways,” said Greg W. Smith, CEO and founder of Smith Construction Group, in a written release. “This combination will help to enhance the customer base for ABRA and increase our sales opportunities for clients who require collision repair centers as a part of their insurance requirements.” “We are pleased that Steve and Richard have decided to combine their businesses for the benefit of our customers and for the benefit of all of our employees,” said Earl Isaac, President and CEO of ABRA. “We look forward to adding this successful combined company to our strong portfolio of high-quality, family-owned and operated collision repair centers.” “This is another example of how a group of people with similar values can come together to build a highly profitable business,” said Amy B. Owens, COO of Compass Industries, Inc., which is a significant owner of ABRA. “SAWQ will be a very reliable collision center for all of South Florida and is well positioned to capitalize on the fast growing needs of our insurance clients.”



Comments are closed.