Boyd Group Income Fund to Acquire True2Form Collision Repair Centers - BodyShop Business

Boyd Group Income Fund to Acquire True2Form Collision Repair Centers

Boyd Group Income Fund announced that it has entered into a definitive agreement to acquire True2Form Collision Repair Centers, Inc., one of the largest multi-location collision repair companies in the United States. The acquisition is expected to be immediately added to the Fund’s distributable cash per unit.

The transaction, valued at approximately $18 million U.S., is expected
to be completed by Aug. 1, 2010, subject to certain closing conditions
being fulfilled. Funding for the transaction will be a combination of
cash, U.S. bank debt, third-party financing and a vendor take-back
note. The Fund will not be issuing any new equity to fund the
transaction and therefore there will be no equity dilution to

"The acquisition of True2Form is a significant strategic move for the Boyd Group as it allows us to enhance our presence in the eastern United States with an additional 37 locations in states and markets that we do not currently operate in, thereby complementing our existing network," said Brock Bulbuck, president and CEO of the Boyd Group. "True2Form is also attractive to us because of its strong leadership team, its deep operational expertise and its tradition of providing industry-leading repair quality and customer service. While we are continuing our growth strategy of adding between eight to 10 new locations per year, this acquisition represents a unique opportunity to acquire a strategic multi-location repair business that can accelerate our growth."

True2Form is a private company that operates 37 locations in four U.S. states: 17 locations in North Carolina, eight locations in Ohio, seven locations in Maryland and five locations in Pennsylvania. True2Form reported revenues of over $71 million U.S. in the 12 months ended May 31, 2010.

"We are looking forward to being a part of the Boyd Group," added Rex Dunn, CEO of True2Form. "We believe that the combination of our two market leading companies represents an excellent strategic fit and creates an even stronger industry leader which will be better positioned to deliver innovative, best-in-class service to insurance company customers and vehicle owners."

With the acquisition of True2Form, the Boyd Group will significantly expand its footprint and will operate 129 centers in North America, with 92 centers in 11 U.S. states and 37 centers in the four Western Canadian provinces.

More information:

The Boyd Group Inc. is the largest operator of collision repair centers in Canada and among the largest in North America. The company operates locations in the four western Canadian provinces under the trade name Boyd Autobody & Glass, as well as in seven U.S. states under the trade name Gerber Collision & Glass. 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 U.S.

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