BOYD Group Income Fund has doubled its presence in the Denver market with the acquisition of Pearl Auto Body and its six locations.
Upon completion of the acquisition, the Winnipeg-based collision repair chain will have a total of 186 locations across 14 U.S. states and Western Canada. It is the largest collision repair company in North America.
"Like the Boyd Group, Pearl recognizes the trend of U.S. insurance companies consolidating direct repair program volumes with fewer providers, and has developed strong relationships with its insurance company clients," said Boyd CEO Brock Bulbuck in a statement. "We believe that we can leverage this further given the Boyd Group's growing U.S. footprint and existing relationships with other insurance companies that have a strong presence in Colorado."
Boyd will pay about $4.4 million for the six-store chain, financing it through a combination of cash, third-party financing and a seller's note.