Dallas-based private equity firm CenterOak Partners LLC has completed the sale of CollisionRight, Inc., an auto body repair service provider, to Summit Partners. This transaction represents CenterOak’s third exit in the automotive aftermarket industry. The financial details of the deal remain undisclosed.
Jason Sutherland, managing partner at CenterOak, highlighted the company’s growth during their period of investment. “During CenterOak’s investment, CollisionRight grew revenue six-fold and became the sixth largest collision repair operator in the U.S.,” Sutherland said. He also emphasized the firm’s strategic approach to investment and its partnership with management to foster growth and operational development.
Since its inception in 2020, CollisionRight has expanded to over 85 repair centers in nine states and is predominantly engaged with insurance carriers, accounting for approximately 90% of its revenue. The company repairs over 90,000 vehicles annually, including both combustion engine and electric vehicles across mass and luxury markets.
“We have had tremendous success partnering with CenterOak,” said Mr. Harrison, CEO of CollisionRight. “Together we executed a growth strategy that allowed us to quadruple our shop count and grow our direct repair program relationships with leading insurance carriers. We’re excited to continue our mission to provide customers with an excellent auto repair experience.”
Jefferies LLC was the lead financial advisor to CollisionRight, with additional financial advice from Stifel, Nicolaus & Company. Legal counsel for the transaction was provided by Gibson, Dunn & Crutcher LLP.
