Boyd Group Income Fund, which owns Gerber Collision & Glass and Glass America, reported that first-quarter sales increased by 24.3 percent to $270.5 million USD ($350.4 million CAD), compared to $217.6 million USD ($281.8 million CAD) in the prior year. In addition to acquiring 20 collision repair facilities during the period, the company also purchased Ryan’s Auto Glass, which includes four locations serving the Cincinnati and Dayton, Ohio, area.
Glass America, a subsidiary of the Boyd Group, completed the deal.
“We are very pleased to acquire Ryan’s Auto Glass,” Eddie Cheskis, president and CEO of Glass America, said at the time. “This acquisition and its excellent employees give us the ability to provide timely, quality auto glass repair and replacement services in a consumer-friendly environment. We look forward to serving the Cincinnati and Northern Kentucky areas.”
Ryan’s Auto Glass is a business unit of All Service Glass, which is based in Lima, Ohio. The corporate location in Lima is not a part of the deal.
Boyd Group spent $342,060 USD ($443,000 CAD) in acquisition and transaction costs during the quarter, up from $179,911 USD ($233,000 CAD) spent in the same period of last year.
Same-store sales increased by 7.4 percent, according to the company’s report.
“We had strong same-store sales growth throughout our network and continued to add new accretive locations,” said Brock Bulbuck, president and CEO of Boyd Group. “When we reported our year-end results this past March, we stated that our goal was to double the size of our business by 2020 and based on our results this past quarter, we’re confident we’re on the right track.”
Looking ahead to the second quarter, Bulbuck said the El Nino weather system, which brought usually warm conditions, contributed to a softening in sales. He anticipates lower same-store sales growth for the period.