The Boyd Group Income Fund announced on July 4 the closing of the acquisition of Cars Collision Center of Colorado, LLC and Cars Collision Center, LLC (together, "Cars"). The total consideration for the transaction of approximately $21 million, subject to normal post-closing adjustments, was funded with a combination of cash, U.S. bank debt, third-party financing and a seller take-back note, the company said.
"We are very pleased to have completed the acquisition of Cars," said Brock Bulbuck, president and chief executive officer of the Boyd Group. "The acquisition is another major strategic move for us in expanding our footprint and executing our growth plan. We believe that Cars will be an excellent strategic fit with Boyd Group’s existing organization and will further enhance Boyd’s competitive position in the United States."
The Cars acquisition adds 14 new locations in Illinois, eight in northern Indiana and six in Colorado. It substantially expands the Boyd Group’s presence in the Chicagoland market to a total of 45 locations, an increase from 23 previously, the company noted.
The acquisition also adds Indiana and Colorado to the Boyd Group’s North American footprint. With the acquisition, Boyd Group now has a total of 164 repair centers in North America, consisting of 127 centers in 13 U.S. states and 37 centers in the four Western Canadian provinces.