Global alternative asset management firm TPG is acquiring Atlanta-based Classic Collision, a leading, national collision repair multi-site operator.
TPG is based in Fort Worth and San Francisco. Classic Collision has a location in Grapevine.
“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,” Classic Collision CEO Toan Nguyen said in a statement. “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.”
TPG Capital, the U.S. and European private equity platform of TPG, will acquire Classic Collision from New Mountain Capital. Classic Collision’s management team will remain invested in the company.
No financial details were released.
“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,” TPG Partner Paul Hackwell said in a statement. “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.”
Fast-growing collision repair company
Classic Collision is one of the largest and fastest growing collision repair platforms in the nation, servicing customers across 262 locations in 16 states nationwide.
Its certified team of experts use the latest equipment and techniques to perform high-quality auto body repairs and related services—such as glass repair and ADAS calibration—for all types of vehicles, including premium and electric models.
The transaction is expected to close in the second quarter of 2024.
“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,” Ricardo Gonzalez, managing director at New Mountain Capital, said in a statement. “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.
Classic Collision was established in 1983 in Atlanta and is one of the largest privately held national providers of auto body repair services.
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