The Blackstone Group has agreed to partner with Service King Collision Repair Centers to complete a recapitalization. The deal is reported to value Service King at about $650 million and give its majority owner, The Carlyle Group, a return of nearly 4x its initial investment. Carlyle, together with its co-investors and management, will retain a significant minority stake. Established in 1976, Service King now operates 177 locations across 20 U.S. states, having grown under Carlyle’s ownership from 47 locations in Texas. Carlyle invested in the company back in August 2012 from two different funds: Carlyle U.S. Equity Opportunity Fund and Carlyle Strategic Partners Fund III.