Boyd Group Income Fund is doubling its presence in Florida with the announcement this morning that it has an agreement to acquire 11 collision repair centers in the Orlando region.
The acquisition of The Recovery Room Collision Repair (TRR) is expected to generate annual sales of approximately $23 million US for Boyd and add $1.6 million US in annual EBITDA.
Boyd will pay $7.3 million US for TRR, through a combination of cash, bank debt and third-party financing. It will not be issuing any new equity to fund the transaction so it will not result in equity dilution to unitholders.
The Winnipeg-based collision repair operation is the largest multi-location operator in North America in terms of annual sales and number of locations.
Boyd Group Income Fund recently reported sales for the first nine months of the year of $319.4 million and EBTIDA for the period of $17 million EBITDA.
Boyd units were up 11 cents this morning on light trading to $16.66, close to their 52-week high of $17.16.