The Boyd Group (Gerber Collision & Glass) announced that it has signed a definitive agreement to acquire the assets of The Recovery Room of Central Florida, Inc., which owns 11 collision repair centers in the Orlando, Fla., market under the trade name The Recovery Room Collision Repair (TRR). TRR is expected to generate annual sales of approximately $23 million.
"Acquiring TRR is another important strategic undertaking that will double our number of locations in Florida," said Brock Bulbuck, president and CEO of the Boyd Group. "Currently, there is no other major multi-location collision operator in Florida, and we are the first to build significant presence in the state. We believe Florida is an attractive market for our business and has many growth opportunities. Like the Boyd Group, TRR’s business model provides for a fully integrated service offering, and its customer base consists largely of automobile insurers. These similarities should lead to a smooth integration with our existing business. We also believe that we can add to TRR’s customer base by leveraging our existing relationships with other insurance companies. As the largest multi-location collision repair operator in North America in terms of annual sales and number of locations, the Boyd Group is committed to solidifying its industry-leading position and continues to look for opportunities to grow its operations."
The total consideration of approximately $7.3 million, plus a work-in-progress inventory adjustment, will be funded through a combination of cash, bank debt and third-party financing.
More information:
