CollisionRight – a leading consolidator of automotive collision repair shops in the US – announced a majority investment from Summit Partners, a leading growth equity investment firm. The new funding round will help support CollisionRight’s growth plan, which is focused on acquiring and operating high-quality, customer-friendly collision repair shops across the Central United States and Mid-Atlantic regions.
CollisionRight founder and CEO Rich Harrison will retain significant equity ownership in the business by investing alongside Summit as will several other members of the Company’s senior management team.
Launched in 2020, CollisionRight has acquired 89 collision repair shops in the past three and a half years, establishing the company as one of the leading consolidators and providers of collision repair services in the United States. And the company and its skilled repair technicians aim to provide high-quality, reliable repairs for consumers, using modern technology, paint, and parts and to be an equally reliable partner to the company’s insurance carrier partners who pay for the overwhelming majority of repairs undertaken by CollisionRight.
The terms of the deal were not disclosed.
KEY QUOTES:
“Partnering with Summit will help CollisionRight enter a new and expanded era of growth. Summit’s growth focus and commitment to operational excellence align with our desire to continue to partner with the country’s best shop operators and provide the driving public with timely and high-quality repairs. Our goal is to create an industry leader that will set the standard for growth, excellence, and customer service. We are confident that partnering with Summit will help us to achieve that goal.”
– CEO Rich Harrison
“CollisionRight has quickly established itself as a market leader in the collision repair industry, and we are excited to help Rich and his team extend this leadership position.”
– John Carroll, a Managing Director at Summit Partners who will join Rich Harrison on the company’s Board of Directors
“The collision repair industry remains highly fragmented, large and, in our view, very attractive. We look forward to working closely with the CollisionRight team to capitalize on this opportunity and enhance the Company’s position as a growing, high-quality, customer-focused company.”
– Robert Grady, an Advisory Partner at Summit who will also join the Company’s Board of Directors
