Boyd buying 11 Florida repair centres
THE Boyd Group Income Fund is buying 11 collision repair centres in the Orlando, Fla., area in a deal worth about US$7.3 million.
The assets of the company operating under the trade name The Recovery Room Collision Repair, plus a work-in-progress inventory adjustment, will be paid for through a combination of cash, bank debt and third-party financing.
"The fund will not be issuing any new equity to fund the transaction and, therefore, the transaction will not result in equity dilution to unitholders," the Winnipeg-based Boyd Group said Friday.
Boyd Group president and CEO Brock Bulbuck said the acquisition would double their locations in Florida.
Bulbuck said also he believes Boyd can add to TRR's existing customer base and the company is expected to generate annual sales of US$23 million.
The Boyd Group Inc. is the largest operator of collision repair centres in North America, with locations in four provinces and 14 U.S. states under various names and an auto glass repair and replacement referral business with approximately 3,000 affiliated service providers in the U.S.
Manitoba potato production grows
MANITOBA potato growers bounced back from unfavorable weather conditions in 2011 to post the biggest production increase in the country in 2012, according to preliminary estimates released Friday by Statistics Canada.
The agency said local growers harvested 941,810 tonnes of potatoes this year, an increase of 18.6 per cent, or 148,010 tonnes, from the 793,800 tonnes harvested in 2011. It was more than double the national average increase of 8.6 per cent.
The higher yields were due in large part to producers seeding 1,589 more hectares of potatoes than in 2011 -- 30,757 versus 29,138 -- and harvesting 2,226 more hectares -- 30,555 versus 28,329.
The rebound allowed Manitoba to remain the second-biggest potato producer in the country behind Prince Edward Island, which harvested 1.1 million tonnes in 2012.
The boost was a welcome turnaround from 2011, when too much rain in the spring and too much hot, dry weather during the summer reduced the size of the harvest by 8.1 per cent to 793,800 tonnes from 863,654 in 2010.
-- from the news services