Dent Wizard International
- Subsidiary of Manheim Auctions, Inc. (“Manheim”), a subsidiary of Cox Enterprises, Inc. (“Cox Enterprises”)
- Company Description
Dent Wizard, headquartered in St. Louis, Missouri, is the undisputed leader in the cosmetic automotive reconditioning services market in North America, providing paint-less dent removal, as well as other reconditioning services, to the used automobile market. Dent Wizard’s customers include auto auctions, automobile dealerships and rental car companies that seek to improve the appearance of a vehicle prior to re-marketing. The Company’s services are also utilized by insurance companies to repair their customers' vehicle damages due to hail and minor collision.
As a unit of Manheim, Dent Wizard was principally an in-house services provider for Manheim-owned auctions, had not aggressively pursued other growth opportunities and was viewed as “non-core” by Cox Enterprises. An investor group, including former senior managers of Dent Wizard, formed Corona Partners (“Corona”) and approached Manheim regarding their interest in acquiring the Company in order to fully exploit its growth opportunities. As the members of Corona were well-known and trusted by Manheim, Corona was successful in entering into a letter of intent to acquire Dent Wizard.
- Advisory Role
VRA Partners was engaged by Corona to assist in structuring and closing the transaction, as well as finding a financial partner to provide the equity capital to support the acquisition. As Manheim was requiring Corona to move forward on an expedited and confidential basis, VRA Partners approached a very targeted group of prospective equity partners. Also, as Manheim’s time constraints would not allow for multiple parties to conduct due diligence, it was important not only to solicit the most attractive financial terms for Corona but also to identify a financial partner with a high confidence level of closing the acquisition. VRA Partners identified a number of prospective private equity firms and generated multiple proposals to support Corona in the acquisition.
Corona partnered with H.I.G. Capital Management, a private equity firm based in Miami, Florida.
VRA Partners brought to our engagement and to this transaction senior level attention to each step in the process. VRA delivered to us experience, expertise, relationships and resources - all of which were critical factors in our successful closing of Dent Wizzard. We were very satisfied clients and will work with VRA again.