The American Business Journal: Boyd Group Income Fund acquires Cars Collision Center

Boyd Group Income Fund acquires Cars Collision Center
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Marc Mauricio on 04 July, 2011 06:23:00
 
ABJ - July 4 - Boyd Group Income Fund today announced the closing of the
acquisition of Cars Collision Center of Colorado, LLC and Cars Collision Center,
LLC. The total consideration for the transaction of about US$21 million, subject
to normal post-closing adjustments, was funded with a combination of cash, U.S.
bank debt, third party financing, and a seller take-back note. No new equity was
issued related to the transaction. The acquisition is expected to be immediately
accretive to the Fund's earnings, cash flows, and distributable cash per unit.
“We are very pleased to have completed the acquisition of Cars,”
Brock Bulbuck, President and CEO, Boyd Group, said in a statement. “The
acquisition is another major strategic move for us in expanding our footprint
and executing our growth plan. We believe that Cars will be an excellent
strategic fit with Boyd Group’s existing organization and will further
enhance Boyd’s competitive position in the United States.”
The Cars acquisition adds 14 new locations in Illinois, eight in northern
Indiana, and six in Colorado. It substantially expands the Boyd Group’s
presence in the Chicago market to a total of 45 locations, an increase from 23
previously. The acquisition adds Indiana and Colorado to the Boyd Group’s
North American footprint. With the acquisition, Boyd Group Income Fund now has a
164 repair centres in North America, consisting of 127 centres in 13 American
states and 37 locations in the four Western Canadian provinces. The Boyd Group
Inc. is the largest operator of collision repair centres in North America.