Boyd Group Income Fund (operating under the trade names Boyd Autobody & Glass,
Gerber Collision & Glass and True2Form) has entered into a definitive
agreement to acquire Cars Collision Center of Colorado LLC, which owns
28 collision repair shops in Illinois, Indiana and
Colorado. The deal is worth $21 million.
"By our
estimates, the acquisition will position Boyd as the largest
multi-location collision operator in North America, not only in terms of
number of locations but also in terms of annual sales," Boyd President and
CEO Brock Bulbuck said. "After
completing this transaction, Boyd will have a total of 164 collision
repair centers across 13 U.S. states and four Canadian provinces. We
expect to see substantial benefits from the transaction, including
expanded critical mass and presence in one of our key markets, an
expanded national footprint which translates into enhanced value to our
U.S. insurance company clients, as well as additional synergies."
The transaction is expected to be completed by July 1.
Cars
is a private company that operates 14 locations in Illinois, eight in
northern Indiana and six shops in Colorado. It generated sales of $65 million in the 12 months ended April 30.
More information:
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