Boyd Group to pay $21 million for Midwest repair chain
June 20, 2011 — Boyd Group Income Fund on Monday announced plans to acquire Cars Collision Center of Colorado and Cars Collision Center, which together own 28 shops in Illinois, Indiana and Colorado.
The roughly $21 million deal is expected to be complete by July 1, subject to closing conditions.
“We are very pleased with the planned acquisition of Cars, as we continue to execute on our stated strategy of growing our business,” said Brock Bulbuck, president and CEO of the Boyd Group. “By our estimates, the acquisition will position Boyd as the largest multi-location collision operator in North America not only in terms of number of locations, but also in terms of annual sales.”
Boyd will own 164 collision centers across 13 states and Canada when the deal is finalized, and its presence in the Chicagoland market will jump from 23 shops to 45. Bulbuck said the transaction would expand the company’s presence in one of its key markets and provide more value to insurance clients nationwide.
“We are confident that the similarities between the business models of Boyd and Cars, as well as each company's vision for the future, will result in an excellent strategic fit,” he said. “While we are continuing our growth strategy of adding eight to 13 new locations per year, this acquisition represents a unique and attractive opportunity to acquire another strategic multi-location repair business and achieve accelerated growth.”
Cars is a private company with 14 locations in Illinois, eight in Indiana and six in Colorado. It generated roughly $65 million in sales during the last year.
The Boyd Group Income Fund is an unincorporated, open-ended mutual trust fund developed to acquire and hold certain investments. The Boyd Group, based in Canada, runs shops in the four western provinces under Boyd Autobody & Glass. It operates in 11 U.S. states as Gerber Collision & Glass and True2Form.
For more information, go to boydgroup.com.