Retail

Investment firms purchase Meineke Car Care Centers

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Carousel Capital and The Halifax Group LLC have agreed to fund a management-led buyout of Meineke Car Care Centers Inc.

The agreement is subject to the satisfaction of customary closing conditions, and the parties expect to close the transaction in the next 30 to 45 days, according to Carousel Capital.

"We believe that this new ownership group will afford the company greater financial and operating flexibility, and will provide

opportunities for Meineke to expand and innovate," says Kenneth Walker, CEO and president of Meineke.

Charlotte, N.C.-based Meineke represents one of the largest chains of discount undercar specialists in North America, with nearly

900 locations in the United States, Canada and South America.

The chain services exhaust systems and brakes, offers ride control and air conditioning services, and performs other maintenance services.

Meineke's parent company is Brambles Parts Industries Corp., a subsidiary of Brambles Industries.

Carousel Capital is a private investment firm that invests in southeastern-based companies. It has more than $300 million of capital under

management.

The Halifax Group, LLC, is a private equity partnership with approximately $200 million of capital under management. The partnership focuses on management-led recapitalizations and leveraged buyouts in middle-market growth companies across a variety of industries.

"Meineke is one of the most recognized brands in the automotive services sector," says Kenneth Doyle, principal at The Halifax Group. "With more vehicles on the road, an aging national vehicle fleet and projected strong industry growth in branded automotive services, Meineke is well positioned to

pursue growth opportunities, including the opening of new franchisee locations and the introduction of new services."

Antares Capital Corporation and Gleacher Mezzanine have provided commitments for the debt financing utilized in the transaction.

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