June 6, 2014— The Boyd Group Inc. has acquired Collex Collision Experts and its 16 locations in southeast Michigan and southwest Florida, The Boyd Group Income Fund announced Friday.
The purchase of Collex Collision Experts Inc. and Collex Collision Experts of Florida Inc. was finalized June 2.
The acquisition brings The Boyd Group’s collision repair network to 302 locations across 15 states.
"The acquisition of Collex demonstrates our continuing ability to add attractive multi-shop acquisitions as part of our three-pronged growth strategy," said Brock Bulbuck, president and chief executive officer of the Boyd Group. "Collex, along with our previous acquisition of Hansen Collision and Glass, provides us with a leading market position in Michigan and increases our footprint in Florida. This reinforces our position as the largest multi-shop operator in North America in terms of number of locations and further strengthens our ability to serve our U.S. insurance industry clients."
The $45 million purchase is still subject to post-closing adjustments and will be funded through a combination of seller financing and Boyd's revolving credit facility.
For more information on the Boyd Group, visit boydgroup.com.
