Winnipeg Free Press - PRINT EDITION

Boyd's U.S. fingerprint grows

  • Print

The Body Group has expanded its presence in the U.S. with a major acquisition of 14 collision repair locations in northern Florida.

The $19.5-million deal will give the Winnipeg-based collision repair operation a total of 37 locations in Florida and bolsters its claim as the largest operator of collision repair centres in North America.

It is effectively acquiring three different companies under the trade names Autocrafters Collision Repair, Walker Collision Repair and S&L Auto Glass, which collectively operate as Autocrafters.

The shops are located in the Jacksonville area of north Florida, with extended operations in Tallahassee and Gainesville.

It's Boyd's fourth multi-location acquisition this year, and the third in Florida. At the end of last year, Boyd did not have any shops in Florida.

"These acquisitions build a strong presence in Florida, a market we consider attractive, and provides us with additional growth opportunities," said Boyd Group Income Fund CEO Brock Bulbuck in a prepared statement. "Autocrafters has a similar customer base and business model to Boyd's, which should facilitate integration. This transaction demonstrates our commitment to our stated growth strategy and to solidifying our industry-leading position while continuing to look for attractive growth opportunities."

The new Florida properties generated revenue of US$32.6 million last year.

In conjunction with the deal, Boyd has agreed with a group of underwriters to raise $30 million in a convertible debenture offering at 5.75 per cent interest with a conversion price of $23.40 by the end of 2017.

The company also announced on Thursday that Bulbuck and Tim O'Day, the president and chief operating officer of the Boyd Group's U.S. operations, will sell up to 191,900 units held by them.

Sixty-three per cent of them will be sold in "off-market" transactions to existing Boyd trustees and senior managers at a price equal to a five per cent discount to the 10-day volume weighted average price of the units ending Nov. 28 so as to broaden and deepen management and insider ownership in Boyd.

Republished from the Winnipeg Free Press print edition November 30, 2012 B15

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Key of Bart: Choose Yourself

View more like this

Photo Store Gallery

  • Goslings enjoy Fridays warm weather to soak up some sun and gobble some grass on Heckla Ave in Winnipeg Friday afternoon- See Bryksa’s 30 DAY goose challenge - May 18, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • Hay bales sit under a rainbow just west of Winnipeg Saturday, September 3, 2011.(John Woods/Winnipeg Free Press)

View More Gallery Photos

Poll

Should Premier Greg Selinger resign?

View Results

View Related Story

Ads by Google