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February 2019

Penfund Announces US$150 Million Investment in Caliber Collision Centers

TORONTO, Ontario (February 14, 2019) Penfund, an independent provider of junior capital to North American middle market companies, announced today the completion of a US$150 million second lien debt investment in Caliber Collision Centers (“Caliber” or the “Company”) as part of a small club of lenders providing a US$600 million second lien credit facility.

The proceeds of this facility, together with the proceeds of a US$1.85 billion first lien term loan and US$300 million revolving credit facility, have been used to finance Caliber’s merger with ABRA Auto Body Repair of America (“ABRA”). ABRA is a portfolio company of Hellman & Friedman (“H&F”) and H&F is the new controlling shareholder following the merger.

The combined company is the largest automotive collision repair chain in the United States with over 1,000 locations and a national footprint. Both companies have similar operating philosophies and deliver industry leading performance to insurance carrier partners. The combination is expected to create new opportunities for value creation for all stakeholders.

Jeremy Thompson, a partner of Penfund, stated “Penfund is excited to support the merger of these two best-in-class businesses and looks forward to continuing its long relationship with the Caliber team.” Mr. Thompson noted that Penfund has now provided financing to Caliber on four separate occasions and, following this transaction, has invested over US$300 million in the Company over the years.

About Caliber Collision Centers

Caliber is the largest collision repair shop operator in the United States. Founded in 1997, Caliber currently owns and operates 655 collision repair centers across 19 states. The company has approximately 13,000 employees and completes over 800,000 repairs annually.

Website: www.calibercollision.com

About ABRA Auto Body Repair of America

ABRA is a leading vehicle repair platform in the United States with comprehensive collision and glass repair and replacement services. Founded in 1984, ABRA currently operates 407 collision repair facilities (348 corporate, 59 franchised) across 28 states. The company has roughly 6,000 employees and completes over 400,000 repairs annually.

Website: www.abraauto.com

About Hellman & Friedman

Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, H&F has raised over $50 billion of committed capital. The firm focuses on investing in outstanding business franchises and serving as a value-added partner to management in select industries including financial services, business & information services, software, healthcare, internet & media, retail & consumer, and industrials & energy.

Website: www.hf.com

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About Penfund

Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI.  Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high net worth individuals and has invested more than $3 billion in over 225 companies since its establishment in 1979. Assets and capital under management currently total $1.8 billion.

For further information, please contact:

John Bradlow

Partner & Chairman

416 645-3799jbradlow@penfund.com

Richard Bradlow

Partner

416 645-3794richard@penfund.com

Jeremy Thompson

Partner

416 645-3790jthompson@penfund.com
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