Boyd Group Expands in Florida
Dec. 6, 2015—The Boyd Group has added six new locations in Florida through the acquisition of a full-service auto collision repair service provider in the Melbourne area.
The Boyd Group acquired Craftmaster Auto Body Group Inc. effective Jan. 2.
Craftmaster was established in 1981 and generated sales of approximately $13.6 million for the trailing twelve months ended in August.
Three years after entering the Florida market, Boyd has become the leading operator of auto body repair centres in the state. With the acquisition of the six Craftmaster shops, Boyd's Florida operations have grown to 50 locations, and all will operate under the trade name of Gerber Collision & Glass once Craftmaster has been rebranded. In total, Boyd will operate 323 collision repair locations across 17 states and five provinces.
The total purchase price consideration of approximately $7.4 million, subject to post closing adjustments, will be funded through a combination of seller financing and cash. This purchase price reflects a valuation multiple that is within the range of other recent multi-location acquisitions completed by Boyd.