Boyd Group to Acquire True2Form Collision Repair Centers for $18
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
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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