Boyd Group to Acquire True2Form Collision Repair Centers for $18 Million

June 28, 2010

Boyd Group Income Fund, which owns Boyd Autobody and Glass, Gerber Collision and Glass and Gerber National Glass Services, has entered into a definitive agreement to acquire True2Form Collision Repair Centers Inc., according to an announcement made today. The transaction is valued at approximately $18 million U.S. dollars and is expected to be completed by August 1, subject to certain closing conditions.

"The acquisition of True2Form is a significant strategic move for the Boyd Group as it allows us to enhance our presence in the eastern United States with an additional 37 locations in states and markets that we do not currently operate in, thereby complementing our existing network," says Brock Bulbuck, president and chief executive officer of the Boyd Group. "True2Form is also attractive to us because of its strong leadership team, its deep operational expertise and its tradition of providing industry-leading repair quality and customer service. While we are continuing our growth strategy of adding between eight to ten new locations per year, this acquisition represents a unique opportunity to acquire a strategic multi-location repair business that can accelerate our growth."

Boyd is funding the transaction through a variety of methods, including cash, U.S. bank debt, third-party financing and a vendor take-back note.

True2Form is a private company that operates 37 locations in four U.S. states; 17 locations in North Carolina, eight locations in Ohio seven locations in Maryland and five locations in Pennsylvania. True2Form reported revenues of more than $71 million U.S. dollars in the 12 months ended May 31, 2010, according to Boyd.

"We are looking forward to being a part of the Boyd Group," adds Rex Dunn, CEO of True2Form. "We believe that the combination of our two market leading companies represents an excellent strategic fit and creates an even stronger industry leader which will be better positioned to deliver innovative, best-in-class service to insurance company customers and vehicle owners."

With the acquisition of True2Form, the Boyd Group will grow to 129 locations in North America, with 92 facilities in 11 states and 37 in the four Western Canadian provinces.

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