Boyd Group to Acquire Cars Collision Center’s 28 Locations
June 22, 2011
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 Cars Collision Center of Colorado LLC and Cars Collision Center LLC, which own a total of 28 collision repair centers in the U.S. states of Illinois, Indiana, and Colorado.
"We are very pleased with the planned acquisition of Cars, as we continue to execute on our stated strategy of growing our business," says Brock Bulbuck, president and chief executive officer of the Boyd Group. "By our estimates, the acquisition will position Boyd as the largest multi-location collision operator in North America not only in terms of number of locations, but also in terms of annual sales … We expect to see substantial benefits from the transaction, including expanded critical mass and presence in one of our key markets, an expanded national footprint which translates into enhanced value to our U.S. insurance company clients, as well as additional synergies.”
The transaction, valued at approximately $21 million, is expected to be completed by July 1, subject to certain closing conditions being fulfilled.
Cars is a private company that operates 14 locations in Illinois, eight locations in northern Indiana, and six locations in Colorado. It generated sales of approximately $65 million in the 12 months ended April 30, 2011, according to Boyd.
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