Boyd Group Income Fund Completes Acquisition of Autocrafters in the U.S.
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- Boyd Group adds to presence in Florida with 14 new locations -
WINNIPEG, Dec. 3, 2012 /CNW/ - Boyd Group Income Fund (TSX: BYD.UN) ("the Fund," "Boyd," or "the Boyd Group") today announced that on November 30, 2012, it completed the acquisition of Autocrafters Collision Repair, Walker Collision Repair, and S&L Auto Glass (collectively "Autocrafters"), which was previously announced on November 29, 2012. The total consideration for the transaction was approximately US$19.5 million, subject to working capital adjustments, and was funded with a combination of cash, bank debt, convertible debt, and third-party financing.
"We are very pleased to complete the acquisition of Autocrafters, further expanding our presence in the Florida market," said Brock Bulbuck, President and Chief Executive Officer of the Boyd Group. "Autocrafters represents our third multi-location collision operator acquisition in Florida since we first entered the market with the acquisition of Master Collision Repair in January 2012. We have built a strong presence in Florida where, upon completion of the Autocrafters acquisition, we will have 37 locations. With strong similarities in their business model, we believe Autocrafters will be a good fit with our existing operations and a strong complement to our position in the market."
With the Autocrafters acquisition, the Fund adds 14 new locations to its North American footprint, bringing the total number of locations to 220 across 14 U.S. states and four Canadian provinces.
About The Boyd Group Inc.
The Boyd Group Inc. is the largest operator of collision repair centres in North America. The Company operates locations in the four Western Canadian provinces under the trade name Boyd Autobody & Glass (http://www.boydautobody.com), as well as in 14 U.S. states under the trade names Gerber Collision & Glass (http://www.gerbercollision.com), Pearl Auto Body, The Recovery Room and Autocrafters. The Company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with approximately 3,000 affiliated service providers throughout the United States. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at http://www.boydgroup.com.
About The Boyd Group Income Fund
The Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries. The Boyd Group Income Fund units trade on the Toronto Stock Exchange (TSX) under the symbol BYD.UN.
Caution concerning forward-looking statements
Statements made in this press release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include, but are not limited to: dependence upon The Boyd Group Inc. and its Subsidiaries; cash distributions not guaranteed; inability to successfully integrate acquisitions; economic downturn; rapid growth; loss of key customers; brand management and reputation; insurance risk; quality of corporate governance; tax position risk; risk of litigation; acquisition risk; credit & refinancing risks; dependence on key personnel; employee relations; decline in number of insurance claims; market environment change; reliance on technology; weather conditions; expansion into new markets; fluctuations in operating results and seasonality; increased government regulation and tax risk; execution on new strategies; operating hazards; energy costs; U.S. health care costs and workers compensation claims; low capture rates; key supplier relationships; capital expenditures; competition; potential undisclosed liabilities associated with acquisitions; foreign currency risk; margin pressure; acquisition and start-up growth and ongoing access to capital; environmental, health and safety risk; interest rates; and the Fund's success in anticipating and managing the foregoing risks.
We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the "Risk Factors" section of the Fund's Annual Information Form, the "Risks and Uncertainties" and other sections of our Management's Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings.
SOURCE: Boyd Group Income FundFor further information:
President & CEO
Tel: (204) 895-1244
Tel: (416) 815-0700 / 1-800-385-5451 (ext. 242)
VP & CFO
Tel: (204) 895-1244