Boyd Group to complete $12 million acquisition of Master Collision Repair

Dec. 22, 2011

Dec. 22, 2011—The Boyd Group Income Fund on Wednesday entered into a definitive agreement to acquire Master Collision Repair Inc. (MCR), an eight-shop operation based in Tampa, Fla.

The acquisition, which is valued at nearly $12 million, is expected to be completed in January 2012, according to the Boyd Group. The company said it will fund the transaction through a combination of cash, third party financing and a seller note. The transaction will not result in equity dilution to unit holders.

"The acquisition of Master is very strategic as it gives us an industry-leading platform from which to grow in the attractive Florida market, further demonstrating our commitment to expanding our business," said Brock Bulbuck, president and CEO of the Boyd Group. "MCR's business model and customer base are similar to Boyd's, which should result in a smooth integration with our existing business. Further, we assess that there is a tremendous opportunity for accretive add-on growth in Florida, building from the foundation and base of MCR. The acquisition of Master also further solidifies Boyd's leading industry position and enhances our opportunity to capitalize on the trend of U.S. insurance companies consolidating direct repair program volumes and showing increased preference for dealing with large multi-location operators.”

The Boyd Group said the acquisition will immediately increase earnings and cash flows for the company. MCR earned roughly $20 million in revenue over a 12-month period ending Oct. 31. The Boyd Group forecasts that MCR will add annual Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of nearly $2.5 million to the company’s consolidated EBITDA.

The Boyd Group said it will operate a total of 175 collision repair facilities throughout 14 U.S. states and four Canadian provinces upon completion of the acquisition. The company’s facilities operate under the following trade names: Boyd Autobody & Glass, Gerber Collision & Glass, True2Form and Cars.

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