Global alternative asset management firm TPG has agreed to acquire Classic Collision, a leading national collision repair multi-site operator. TPG Capital (the U.S. and European private equity platform of TPG) will buy the business from New Mountain Capital. Classic Collision’s management team will remain invested in the company. The terms of the transaction were undisclosed.
Classic Collision is one of the fastest-growing collision repair platforms in the U.S., servicing customers across 262 locations in 16 states nationwide. And the company’s highly trained and certified team of experts uses the latest equipment and techniques for performing high-quality auto body repairs and related services like glass repair and ADAS calibration for all types of vehicles, including premium and electric models.
The deal is expected to close in the second quarter of 2024. Goldman Sachs acted as exclusive financial advisor to Classic Collision and New Mountain Capital, and Kirkland & Ellis provided legal counsel. And BofA Securities acted as financial advisor to TPG, and Debevoise & Plimpton offered legal counsel.
KEY QUOTES:
“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. 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.”
– Toan Nguyen, CEO of Classic Collision
“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. 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.
– Paul Hackwell, Partner at TPG
“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
“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.”
– Robert Mulcare, Managing Director at New Mountain Capital
