ABRA Announces Refinancing.MINNEAPOLIS -- ABRA Auto Body & Glass, a national damaged vehicle repair company based in Minneapolis, announced today the completion of a refinancing Refinancing An extension and/or increase in amount of existing debt. plan for an undisclosed amount with Prudential Prudential is the name of two different companies and buildings named after them: Companies:
"I can tell you unequivocally that I am delighted with the outcome of this refinancing," said Rollie Benjamin, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ABRA Auto Body & Glass. "ABRA is strong and growing rapidly; and our senior management team felt it was time to proactively seek an outside investor that understands the capital needs of a successful, growing business and one that will partner with us for the long haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. . We have found that in our new investor Prudential Capital Partners." Under the new strategic plan, ABRA will work to fill the center-level capacity they have built over the years by concentrating on operational excellence to continuously offer the best service to their customers and insurance partners. Long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. plans include continued growth through acquisitions, building new repair centers, and adding franchise locations. "We are delighted to participate in the growth of ABRA Auto Body & Glass," said Julia Buthman, senior vice president, Prudential Capital Group, "With our investment, ABRA will be able to move ambitiously with its strategic business plan." "Our investment strategy has been to focus on middle-market companies with consistent growth stories and solid management teams," said Mark Hoffmeister, principal, Prudential Capital Partners. "ABRA is a great fit - it has done an excellent job of growing the company over the last several years, and a terrific management team that will continue to lead the company to further success and growth in the future." Benjamin added, "By working with Prudential Capital, we have a partner who is totally aligned with our business plan and goals. Also, I can make every assurance that this refinancing will not affect the every day workings of ABRA. It's business as usual - no management changes and no culture changes, just a bright future ahead for ABRA and our team members." About ABRA Auto Body & Glass: ABRA Auto Body & Glass is a national damaged vehicle repair company specializing in collision repair, paintless dent removal, and auto glass repair and replacement. Started with one repair center in 1984, they have grown to ninety-three facilities in twelve states. For more information, visit www.abraauto.com. About Prudential Capital Partners: Prudential Capital Group, a private capital institutional investment business of Prudential Financial, Inc. (NYSE NYSE See: New York Stock Exchange :PRU PRU Prudential Financial PRU Pupil Referral Unit PRU Photographic Reconnaissance Unit PRU Potomac Rugby Union (Washington, DC) PRU Provincial Reconnaissance Unit PRU Projets de Rénovation Urbaine PRU Pruhonice ), and sponsor of Prudential Capital Partners has been a leading provider of private capital for more than 60 years, investing in senior and mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. debt transactions. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , Prudential Capital Group has invested more than $3.7 billion in private placements, and manages a portfolio of more than $39 billion (as of 12/31/05). For more information, visit www.prudentialcapitalgroup.com. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion