New M&A data reveals continued growth among independent non-dealer MSOs
New merger and acquisition (M&A) insight from Focus Advisors shows that, even as claim frequency is down, total loss rates are climbing, and tariff unpredictability is making it difficult to price parts, the large independents aren’t standing still.
“For the industry’s largest consolidators, this has been a period of absorption — integrating major platform acquisitions while managing tighter operating conditions — and the question on everyone’s mind is whether this is a cyclical dip or something more structural,” Focus Advisors writes.
According to Focus Advisors’ proprietary location data, among independent non-dealer MSOs operating eight or more collision repair locations, 13 added at least one store between October 2025 and April 2026, with growth spanning franchise operators, family-owned groups, and regional platforms across multiple states.
The article adds that mid-size operators, like B Street and Better Collision, grew 25% during the time period, noting they aren’t passive operators.
“They are building regional density with clear intent,” Focus Advisors wrote. “As we outlined in our ‘Year in Review,’ the industry in 2025 reflected cyclical weakness and structural headwinds operating simultaneously. The Big 4 Consolidators — Caliber, Gerber, Classic Collision, and Crash Champions — have been digesting large platform acquisitions and navigating integration complexity. PE appetite for collision remains strong, but deployment has been measured. Sometimes growth is easier in a market experiencing lower performance: seller expectations moderate, competition for targets thins, and well-capitalized regional operators can move decisively.
“[T]he buyer universe is wider than it was three years ago. A well-run shop in the right market may find that its most natural acquirer is not a national platform but a regional MSO looking to fill in a cluster it already knows.”
The “Year in Review” noted 2025 was a slow year for M&As, with performance varying widely by operator based on market positioning, direct repair program relationships, OEM certifications, and operational efficiency.
It states that 2025 also saw continued increases in total loss frequency, a “whipsaw impact” of tariff rates on parts costs, and a mild winter with fewer hail events.
M&A activity, except for some mid-sized consolidators, was slow while many prospective sellers stayed on the sidelines, valuations declined along with EBITDA, and “The Big 5” slowed down.
Focus Advisors predicted challenging operating performance would continue this year, but also expected an increase in acquisitions by consolidators, private equity firms, and regional privately-owned MSOs.
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