July 6, 2012—The Boyd Group Income Fund this week completed its $4.4 million acquisition of Pearl Auto Body based in Denver.
The Boyd Group said the transaction was funded through a combination of cash, third-party financing and a seller note. No new equity was issued related to the transaction.
With the new acquisition, the Boyd Group operates 12 collision repair centers in Colorado.
"Pearl represents our third multi-location collision operator acquisition over the last 12 months. This is in line with our strategy of being alert to opportunities for accelerated growth through the acquisition of multi-location operators in attractive geographic markets that can expand our footprint in North America and solidify our leadership position in the industry,” said Brock Bulbuck, president and CEO of the Boyd Group. “These acquisitions also provide us an opportunity to leverage existing relationships with insurance companies that have direct repair programs. We believe that Pearl will be an excellent fit with Boyd and will further enhance our competitive position."
The Boyd Group now operates a total of 186 shop locations throughout the U.S. and Canada under five different trade names: Gerber Collision & Glass, True2Form, Cars, Master Collision Repair and Pearl Auto Body.
