Kelly Capital LLC said Thursday it had completed its $16.7 million acquisition of Earl Scheib Inc. a Sherman Oaks chain of automotive paint and collision repair shops.

Kelly Capital, a San Diego private investment firm, is paying $2 per share in cash for the company. Earl Scheib is the oldest and largest non-franchised operator in its industry with 85 stores in 77 cities. It will operate as a Kelly subsidiary.

Earl Scheib, which trades on the Pink Sheets, hired Wedbush Morgan Securities as a financial advisor more than a year ago to help it explore strategic alternatives. The company has been struggling for several years.