Canada-based Boyd Group Income Fund, which owns Gerber Collision & Glass, Glass America and more, has named Narendra “Pat” Pathipati as executive vice president and chief financial officer. Pathipati succeeds Dan Dott, who will remain with Boyd as senior vice president of finance for a one-year transition period. Following the transition, Dott will retire on December 31, 2015.
“We are very pleased to welcome Mr. Pathipati to the Boyd team. His wealth of experience and knowledge will be an asset to Boyd in the role of chief financial officer as we continue to execute our strategy in the coming years.” says Brock Bulbuck, president and CEO of the Boyd Group. “Additionally, we sincerely thank Dan Dott for his many years of dedicated service as Boyd’s chief financial officer. Since joining Boyd in 1999, Mr. Dott has been a valuable senior member of our team, and has played a key contributing role in the success we have achieved to date.”
Pathipati was recruited through an extensive Canada/U.S. executive search process. He brings 30 years of experience in finance, strategy, corporate development and operations to Boyd, having served in senior executive roles in the auto, capital goods, construction, e-commerce and steel industries, according to a company statement.
Most recently, he was the executive vice president and chief financial officer of Teichert Inc. Prior to that, he served as the senior vice president and chief financial officer of Continental Tire of North America Inc.
In other company news, Boyd announced it has purchased six new locations in Florida through the acquisition of the Craftmaster Auto Body Group in the Melbourne area.
The acquisition is expected to be immediately accretive to the company’s earnings and cash flow. Craftmaster was established in 1981 and generated sales of approximately $13.6 million USD for the trailing 12 months ended August 2014. The total purchase price consideration of approximately $7.4 million USD, subject to post-closing adjustments, will be funded through a combination of seller financing and cash. This purchase price reflects a valuation multiple that is within the range of other recent multi-location acquisitions completed by Boyd, according to a company statement.
“This is an exciting opportunity for Boyd, and for all collision repair customers in eastern Florida,” says Bulbuck. “Because of our scale, we can assure customers of the best possible service and the highest quality of repairs using the latest innovations in processes and technology. We know the people at Craftmaster aspire to those same goals, and we’re thrilled to have them join our team.”
“Our locations are very proud to be joining the Boyd team,” says Craftmaster’s president Mark Klenck. “This will allow them to better serve customers into the future by being part of a much larger team with locations across much of the country.”