Boyd Group Income Fund announced it has entered an agreement and acquired the shares of HC Capital Group, which owns and operates 25 collision repair centers under the Hansen Collision and Glass trade name in western Michigan and northeastern Indiana.
Twenty-three of the locations offer auto glass repair and replacement services, according to the company’s site.
Wayne Hansen founded Hansen Collision in 1946 in his home in Jenison, Mich.
Winnipeg, Canada-based Boyd Group does business in the U.S. under the trade names Gerber Collision & Glass, Autocrafters, Glass America, Auto Glass Services, Auto Glass Authority, S&L Glass and now Hansen Collision and Glass.
“The total purchase price consideration of approximately $23.6 million, subject to working capital adjustments, will be funded through a combination of cash, seller notes and a $2-million-unit issuance to the sellers at a 15-day weighted-average price of $24.83 per unit,” according to company officials.
Hansen Collision and Glass generated sales of approximately $38 million for the trailing 12 months ending June 30, 2013.
“We are very pleased to announce another multi-shop acquisition,” says Brock Bulbuck, president and CEO of Boyd Group. “This will be our sixth major multi-shop acquisition since 2010 and reinforces our position as the largest multi-shop operator in North America.
“With this acquisition, we now have 253 collision repair locations across 15 U.S. states and five Canadian provinces,” he adds. “Hansen Collision and Glass has a business model and customer base similar to Boyd’s and immediately creates a strong presence in Michigan as well as provides us with additional growth opportunities. This transaction demonstrates our commitment to our stated growth strategy while reinforcing our position as an industry leader.”