Boyd Group buys True2Form
Canadian collision repairer Boyd Group has acquired U.S.-based True2Form Collision Centers, the companies announced late Monday.
Boyd Group, which operates under the Gerber Collision & Glass trade name in the U.S., paid $18 million for True2Form, which operates 37 locations in North Carolina, Pennsylvania, Ohio and Maryland. The transaction will be completed Aug. 1; the True2Form locations will continue to operate under the True2Form name for now. True2Form had $71 million in revenue for the 12 months ending May 31. Boyd Group bought True2Form through a combination of cash, U.S. bank debt, third-party financing, and a vendor take-back note.
The acquisition will give Boyd Group 129 collision repair centers in North America.
"The acquisition... 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," Boyd CEO Brock Bulbuck said in a statement.
True2Form was formed in 1998 through a merger of three East Coast repairers and had grown to become one of the East Coast's largest repairers.