ABRA Auto Body & Glass Begins Recapitalization with Private Investment Firm, Plans to Focus on Growth
November 7, 2011
Minneapolis-based ABRA Auto Body & Glass has "partnered" with the private equity firm Palladium Equity Partners LLC to recapitalize, according to a statement from ABRA. The terms of the transaction have not been disclosed.
Rollie Benjamin, ABRA's founder, will remain chairman of the company and Tim Adelmann and Scott Krohn will continue in their senior executive roles, according to the company. Duane Rouse, ABRA's former president and chief financial officer, was appointed chief executive officer in connection with the transaction.
“We had previously had an investor somewhat like Palladium who has been with us for five years and it was time for them to liquidate their investment and move on,” Rouse told glassBYTEs.com™/AGRR magazine in an interview this afternoon. “The Palladium investors are a little more growth-oriented.”
The previous investor was Chicago-based Prudential, he adds.
While Palladium now holds a majority interest in the company, according to Rouse, no further changes are expected.
“No [changes], just more growth-oriented,” says Rouse. “The management team is still intact.”
Luis Zaldivar, managing director at Palladium, adds, "Palladium looks forward to partnering with ABRA on a range of new market opportunities in the months and years ahead."
This story is an original story by AGRR™ magazine/glassBYTEs.com™. Subscribe to AGRR™ Magazine.
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