Boyd Group Acquires 11 Florida Locations
November 20, 2012

The Boyd Group, parent company of Gerber Collision and Glass, has announced that it has reached an agreement to acquire the assets of The Recovery Room of Central Florida, Inc. (Recovery) which owns 11 collision repair centers in Orlando, Fla.

"Acquiring [Recovery] is another important strategic undertaking that will double our number of locations in Florida" says Brock Bulbuck, president and CEO of the Boyd Group. "Currently, there is no other major multi-location collision operator in Florida, and we are the first to build significant presence in the state. We believe Florida is an attractive market for our business and has many growth opportunities. Like the Boyd Group, [Recovery]'s business model provides for a fully integrated service offering and its customer base consists largely of automobile insurers. These similarities should lead to a smooth integration with our existing business. We also believe that we can add to [Recovery]'s customer base by leveraging our existing relationships with other insurance companies. As the largest multi-location collision repair operator in North America in terms of annual sales and number of locations, the Boyd Group is committed to solidifying its industry leading position and continues to look for opportunities to grow its operations."

The deal, made at $7.3 million USD including a work-in-progress inventory adjustment, is going to be funded through cash, bank debt and third-party financing. Boyd does not anticipate issuing new equity as part of the transaction funding which will prevent equity dilution for shareholders.

The 11 Recovery locations are expected to operate with annual sales reaching an estimated $23 million USD. Recovery offers auto glass replacement services in addition to a variety of auto body replacement and repair services.

The deal was finalized Friday, November 16.

Bulbuck declined to provide further information about the seller and several Recovery employees confirmed they were also unable to offer further information on the deal.

Subscribe to AGRR™ Magazine.
Subscribe to receive the free e-newsletter.