By CRM staff
Toronto, Ontario -- December 6, 2018 -- The full details of Caliber Collision's merger with ABRA Auto Body Repair of America have been announced by Caliber.
“With more than 1,000 stores in 37 states and the District of Columbia, we look forward to providing customers and insurance clients with the flexibility and convenience that come with the broadest geographic coverage in the United States and a full suite of services," said president and CEO Steve Grimshaw.
As reported on Tuesday evening, Caliber is not looking to close down any existing facilities, though Caliber has announced plans to initiate a new, overarching business plan involving the retraining of staff.
“Recognizing the critical importance of top talent to our success, we will be retaining all teammates in the field at both Caliber and ABRA centers," Grimshaw said. "We look forward to creating a culture that supports our teammates as they expand their careers across a larger organization, accelerated by industry-leading development programs.”
Beyond the retraining initiative, the merger will also be followed by significant investments in repair equipment.
“The combined company will invest in the equipment, training and technologies that will allow our teammates to build their careers," ABRA CEO Ann Fandozzi said.
The transaction is expected to close in early 2019, under the supervision of Caliber CEO Steve Grimshaw, who will lead the combined company.
While the terms of the transaction have not been disclosed, ABRA majority shareholder, the private equity firm Hellman & Freidman LLC, will become the majority shareholder of the unified business.