Oncap invests in collision repair company

The Toronto-based mid-market firm is acquiring a stake in Caliber Collision Centers and will partner with its senior management team to facilitate expansion outside of California and Texas.

Toronto-based private equity firm Oncap has acquired a stake in Caliber Collision Centers, which owns and operates more than 60 collision repair facilities in Texas and California. Terms of the deal were not disclosed.

Oncap's partnership with Caliber will help the California-based company strengthen its presence in its current markets and expand into other states with new locations. It is also in line with Oncap’s strategy of investing in and partnering with the operating company management teams of small and mid-sized companies in North America that have high growth potential.

Oncap closed its second mid-market fund on $502 million in 2006. Oncap was established in 1999 by Canadian asset manager Onex, which has more than $10 billion under management and is targeting $4.5 billion for its third buyout fund.

Onex’s recently made a $5.6 billion purchase of General Motors’ Allison Transmission and a $622 million deal for TSE-listed Husky Injection Molding Systems.