Boyd Group Income Fund announced the closing of the acquisition of True2Form Collision Repair Centers, Inc., which was previously announced on June 28. The total consideration for the transaction of approximately $18 million, subject to normal post-closing adjustments, was funded with a combination of cash, U.S. bank debt, third-party financing and a vendor take-back note.
"We are very pleased to have completed the acquisition of True2Form," said Brock Bulbuck, president and CEO of the Boyd Group. "The acquisition is a major strategic move for us in expanding our footprint and continuing our growth plan. We believe that True2Form’s strong management team and industry-leading operational expertise and service levels are an excellent fit with Boyd Group’s existing organization and will further enhance Boyd’s competitive position in the United States."
The True2Form acquisition adds 37 new locations in four U.S. states where the Boyd Group previously had no operations. This significantly expands the Boyd Group’s footprint with a total of 130 repair centers in North America, consisting of 93 centers in 11 U.S. states and 37 centers in the four Western Canadian provinces.
Boyd Group operates locations in the four Western Canadian provinces under the trade name Boyd Autobody & Glass and as Gerber Collision & Glass and True2Form in the U.S.
The company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with approximately 3,000 affiliated service providers throughout the United States.