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Company says $3 million acquisition will strengthen its third-party glass claim administration business.
Boyd Group Income Fund has announced that it has signed a definitive agreement through a subsidiary and concurrently closed the acquisition of Netcost 866netglass LLC, operating as Netcost Claims Services (NCS). NCS generated sales of approximately $25 million in 2013.
NCS expands Boyd Group’s existing third-party administration business, Gerber National Glass Services (GNGS), that offers first notice of loss, auto glass and related services through its network of auto glass providers across the U.S. Third-party administrators (TPAs) serve the fleet management and insurance-funded segments of the auto glass repair industry by providing a complete outsourced solution from the time that a claim is made. Both NCS and GNGS then manage the claim to ensure that the necessary repairs are completed in a quality manner and at a competitive price. NCS also offers roadside assistance services and has the additional benefit of owning and operating its own call center.
"This is a very important development that will enhance our current glass repair business and enable our U.S. auto glass business to grow its relationship with its fleet management and insurance industry customers," said Brock Bulbuck, president and CEO of the Boyd Group. "The addition of a call center to the GNGS network of 3,000 independently-owned auto repair locations in the U.S. will considerably strengthen our value proposition."
The total purchase price consideration of approximately $3 million, subject to post closing adjustments, will be funded through a combination of available cash and seller financing.