MINNEAPOLIS — ABRA Auto Body & Glass, a national damaged-vehicle repair company based in Minneapolis, has completed a refinancing plan for an undisclosed amount with Prudential Capital Partners.
"I can tell you unequivocally that I am delighted with the outcome of this refinancing," said Rollie Benjamin, president and CEO of ABRA Auto Body & Glass. "ABRA is strong and growing rapidly, and our senior management team felt it was time to proactively seek an outside investor that understands the capital needs of a successful, growing business and one that will partner with us for the long haul. We have found that in our new investor Prudential Capital Partners."
Under the new strategic plan, ABRA will work to fill the center-level capacity they have built over the years by concentrating on operational excellence to continuously offer the best service to their customers and insurance partners. Long-term plans include continued growth through acquisitions, building new repair centers and adding franchise locations.
"We are delighted to participate in the growth of ABRA Auto Body & Glass," said Julia Buthman, senior vice president, Prudential Capital Group. "With our investment, ABRA will be able to move ambitiously with its strategic business plan."
"Our investment strategy has been to focus on middle-market companies with consistent growth stories and solid management teams," said Mark Hoffmeister, principal, Prudential Capital Partners. "ABRA is a great fit. It has done an excellent job of growing the company over the last several years, and a terrific management team that will continue to lead the company to further success and growth in the future."
Benjamin added, "By working with Prudential Capital, we have a partner who is totally aligned with our business plan and goals. Also, I can make every assurance that this refinancing will not affect the every day workings of ABRA. It’s business as usual – no management changes and no culture changes, just a bright future ahead for ABRA and our team members."
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