New Boyd acquisition
The Boyd Group has acquired another multi-shop operator with 16 locations in Michigan and Florida.
The Winnipeg-based collision-repair company with the largest number of locations in North America purchased Collex Collision Experts, which operates 13 stores in southeast Michigan and three in Southwest Florida.
The operation generated $46 million in sales last year. Boyd paid $45 million for the company.
In April, Boyd also closed a deal to acquire the Collision Revision chain of 25 stores in Illinois, Indiana and Florida for $32.5 million. Those operations generated $50 million in revenue last year.
Last month, it paid $3 million for Chicago-based Netcost Claims Services, a third-party administrator that serves the fleet-management and insurance-funded segments of the auto-glass-repair industry by providing a complete outsourced solution that manages the claims process. It had sales of $25 million in 2013.
This acquisition of Collex brings the number of Boyd collision repair locations to 302 across 15 states and five Canadian provinces.
Gendis's profit leaps
Winnipeg investment holding company Gendis Inc. has reported a 32 per cent increase in profit for the first quarter of its 2014 fiscal year.
The company said Friday it had net earnings of $2.44 million, or 18 cents per share, for the quarter that ended April 30. That compared to earnings of $1.85 million, or 13 cents per share, in the first three months of fiscal 2013.
Revenue for the quarter was down slightly from the previous year -- just under $1.4 million versus $1.42 million.
The company said the increase in net earnings was primarily due to a change in the fair market value of its equity investments and its six investment properties, with the attendant effect on deferred income taxes.
OTTAWA -- Canada Mortgage and Housing Corp. says it will no longer offer mortgage insurance for homes that cost $1 million or more, starting July 31, even if the buyer has made a deposit of 20 per cent or more.
It's a step further than rules introduced two years ago when Ottawa announced CMHC would stop insuring mortgages on homes worth $1 million or more if the buyer borrowed more than 80 per cent of the value.
-- from the wire services