H.I.G. Capital Announces Acquisition of Dent Wizard
MIAMI – November 2, 2010 – H.I.G. Capital, L.L.C., a leading global private equity investment firm, today announced that an affiliate has acquired Dent Wizard International Corporation (“Dent Wizard”) from Manheim, a wholly owned subsidiary of Cox Enterprises, Inc. Headquartered in St. Louis, Mo., Dent Wizard is the leader in Paintless Dent Removal (“PDR”) and other cosmetic automotive reconditioning services.
Dent Wizard specializes in providing high quality and quick turnaround for manufacturers, dealers, rental car companies, fleet owners, and insurers with an unmatched ability to deliver at large, high volume locations across the U.S. and Canada. The company has developed a full line of cosmetic reconditioning services designed to help its customers sell vehicles faster and at a higher profit. Today, Dent Wizard is a market leader in wholesale automotive locksmith services and vehicle reconditioning employing nearly 1,000 certified technical specialists with expertise in keys and interior, wheel, and minor paint damage in addition to its signature PDR and Hail Catastrophe Services.
H.I.G. partnered with a team of current and former Dent Wizard managers on the acquisition including Kevin Lontz, Mike Black, Terry Koebbe and Jennings Dorn. In addition, the H.I.G. team includes Steve McNeely, former President & CEO of GE Capital Auto Resale Services (GECARS), who will take a board seat post closing.
Fraser Preston of H.I.G. said “Dent Wizard is the industry leader in cosmetic auto reconditioning. The business has developed outstanding employee training and has a nationwide footprint of first class technicians delivering high quality services to its customers across diverse channels. We look forward to our partnership with Kevin Lontz, Mike Black, Terry Koebbe and Jennings Dorn and to supporting the Company in the next phase of growth as an independent company.”
About Dent Wizard
Dent Wizard International has been the leader in the development of Paintless Dent Removal (PDR) technology since its establishment in 1983. Dent Wizard provides on-site cosmetic reconditioning services and products to the automotive industry through its relationships with dealerships, auto auctions, rental companies and insurance companies. Services include: PDR; chip and scratch repair; bumper repair; headlight brightening; pinstriping, interior repair; wheel restoration; locksmith services; exterior blackout; and hail damage repair. Dent Wizard also offers Ding Shield®, a ding and dent service plan, through dealership F&I departments.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $8 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.