Caliber Collision
The largest auto collision repair chain in the U.S. — 1,800+ centers in 41 states, $6B+ revenue, 30,000+ employees, headquartered in Irving, TX. Caliber is the tenant in the Aubrey TX absolute-NNN property. In Mike's corporate-credit lease example (the Bakersfield, CA lease), the guaranty is provided by parent entity WAND NEWCO 3, INC.; the guaranty entity on the Aubrey TX lease has not been separately verified in the source materials. Private-equity backed (Hellman & Friedman, Leonard Green, OMERS), it confidentially filed for an IPO in July 2025 — a net positive for transparency and a potential public credit rating.
Key Facts¶
- 1,800+ locations; recession-resistant, insurance-funded, ADAS-certification moat.
- Q1 2025: $251.6M revenue, $99.1M adjusted EBITDA (39% margin), -$17.4M net loss (leverage-driven).
- Not publicly rated yet; NNN assets price ~5.75–6.65% caps; Aubrey deal at 5.75%.
- Corporate-credit guaranty illustrates Tier 1 of the credit framework.