The Boyd Group Income Fund, parent company to Glass America, Gerber Collision and Glass, has announced it has entered into a definitive agreement to acquire the assets and business of Assured Automotive Inc., Canada’s largest non-franchise collision repair company, for the purchase price of $143.7 million USD ($193.6 million CAD).
According to a press release, the move was made to position the company for added growth throughout North America. The acquisition is expected to be finalized in the next 60 days.
“The acquisition of Assured is a significant strategic move for Boyd …,” said Brock Bulbuck, CEO of the Boyd Group, in a press release. “Assured … is complementary to our existing business and enhances our ability to deliver value to our customers and insurance clients, and, in turn, our unitholders.”
Assured boasted sales of $111.4 million USD ($150 million CAD) for the fiscal year ending March 31, 2017, and it currently has 68 repair centers throughout Ontario, including 30 intake centers co-located at automotive dealerships. Following the acquisition, the Boyd Group will have 110 locations in Canada and 474 locations throughout North America.
According to the press release, Assured will still operate under the Assured brand and will continue to be led by its current CEO, Desmond D’Silva, and its president, Tony Canade, will join the Boyd Group’s management team.
“It is important to note that Assured, like Boyd, has pursued an aggressive growth strategy, having added 35 locations, including 17 intake centers, since 2011,” Bulbuck said. “We expect to combine their leading market position and footprint in Ontario with our resources and acquisition expertise to build new avenues for growth in Canada and the U.S.”