SAN DIEGO -- Kelly Capital, a San Diego-based private equity fund, has announced the completion of its acquisition of Earl Scheib Inc. for a purchase price of $2 per share in cash. This transaction, inclusive of debt assumed and transaction costs, is valued at approximately $16.7 million.

In connection with the closing of the merger, Earl Scheib is notifying NASDAQ's Market Integrity Department that it has become a wholly owned subsidiary of Kelly Capital LLC and as a result it no longer exists as a public entity.

Commenting on the acquisition, Michael Kelly, chief executive officer of Kelly Capital, stated,  “Earl Scheib is the nation’s longest running and largest company-owned operator of automotive paint and collision repair shops with the most recognized name in the market. The team at Kelly Capital is excited to continue this 72-year heritage of delivering quality automotive paint and repair services at affordable prices.”