Caliber completes $20 million financing; Keystone andZurich Centre Investments sponsor growth.

IRVINE, Calif.--(BUSINESS WIRE)--Feb. 6, 1997--Caliber Collision Centers Inc. Thursday announced that Keystone Inc. (formerly The Robert M. Bass Group) and Zurich Centre Investments Limited have invested $20 million in equity to support Caliber's efforts to lead the consolidation of the fragmented

Caliber, a leading operator of both corporate owned collision repair centers and high quality collision repair networks throughout the state of California, plans to use the capital to acquire and consolidate high quality, high volume collision repair centers and to continue building the company's operating infrastructure. Its initial acquisition efforts are directed toward Southern California and future expansion into Northern California and additional states are anticipated.

Simultaneous with the close of the financing, Caliber announced the acquisition of three market leading collision repair centers in Hollywood, Rialto and Riverside, Calif.

Matthew Ohrnstein, chief executive officer of Caliber said: "Caliber plans to build the pre-eminent network of professionally managed collision centers to meet the needs of the automobile insurance industry. Caliber plans to apply managed care concepts that have been effective in the healthcare industry in order to optimize the automobile insurance claims process. This equity investment by experienced consolidation and insurance industry investors represents a watershed event for the $20 billion collision repair industry.

"The concept of a highly organized, well capitalized corporate provider of collision repair services with the ability to bring high quality performance to insurers, fleets and consumers across the nation is a reality."

On behalf of the investor group, Adam Mizel, a managing director of ZCI, commented that, "The collision repair industry is experiencing a shift from mom-and-pop businesses to sophisticated, corporate owned chains. We are excited to be investing in Caliber because of its unique ability to dramatically improve the quality of repairs while simultaneously introducing the latest technologies, ensuring timely service and delivering lower costs.

"We believe this management team's blend of expertise in both the collision repair and insurance industries is unparalleled and provides Caliber with a strong competitive advantage."

Keystone Inc. is the principal investment arm for Robert M. Bass of Fort Worth, Texas. Formed in 1983, Keystone and its affiliates have made public investments and sponsored over 25 acquisitions. Keystone's acquisitions have included American Savings Bank, Bell & Howell, National Reinsurance, Wometco and Georgia Cable and Capstar Hotels Inc.

Zurich Centre Investments is the private equity investment arm of the Zurich Centre Group and, as such, makes strategic investments in businesses complementary to the Group. Since its formation in 1994, ZCI has made more than 20 investments and commitments totaling over $400 million in a wide range of industries, including insurance, healthcare, information technology and the Internet, mortgage servicing and employee leasing.

The Zurich Centre Group, as a subsidiary to the Zurich Group, provides asset management, investment, insurance and reinsurance programs to a wide array of institutional clients. The Zurich Group, with headquarters in Zurich, Switzerland, operates in 48 countries worldwide and in 1995 wrote $23 billion in premium income and at Dec. 31, 1995 had $74.8 billion in invested assets and $9.1 billion in capital and surplus.

Originally founded in 1991 by six of the nation's leading collision repair operators, Caliber is a collision repair facility consolidator and operator and manages a preferred provider network of professionally operated collision centers serving the insurance industry, fleets and consumers. Caliber currently operates 3 corporate owned facilities and a 112 shop network across California.

CONTACT: Caliber Collision Centers Inc., Irvine

Jules Schoen, 714/757-1007

or

McCullough Communications & Marketing

Jack McCullough, 714/833-1135

URL: calibercol@aol.com