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WINNIPEG, Jan. 5, 2015 /CNW/ - Boyd Group Income Fund (TSX: BYD.UN) ("the Fund", "the Boyd Group" or "Boyd") is pleased to announce the appointment of Narendra "Pat" Pathipati as Executive Vice President and Chief Financial Officer. Mr. Pathipati succeeds Dan Dott, who will remain with Boyd as Senior Vice President Finance for a one-year transition period. Following this transition period Mr. Dott intends to retire on December 31, 2015.
"We are very pleased to welcome Mr. Pathipati to the Boyd team. His wealth of experience and knowledge will be an asset to Boyd in the role of Chief Financial Officer as we continue to execute our strategy in the coming years." said Brock Bulbuck, President and Chief Executive Officer of the Boyd Group. "Additionally, we sincerely thank Dan Dott for his many years of dedicated service as Boyd's Chief Financial Officer. Since joining Boyd in 1999, Mr. Dott has been a valuable senior member of our team, and has played a key contributing role in the success we have achieved to date."
Mr. Pathipati was recruited through an extensive Canada/U.S. executive search process. He brings 30 years of experience in finance, strategy, corporate development and operations to Boyd, having served in senior executive roles in the auto, capital goods, construction, e-commerce, and steel industries. Most recently, he was the Executive Vice President & Chief Financial Officer of Teichert, Inc. Prior to that, he served as the Senior Vice President & Chief Financial Officer of Continental Tire of North America, Inc. Mr. Pathipati holds an MBA from the University of Wisconsin, a Master's in Industrial Engineering & Operations Research from the Indian Institute of Technology - Kharagpur, and a Bachelor's in Mechanical Engineering.
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. 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 Inc.
The Boyd Group Inc. (the "Company"), directly and through subsidiaries, is the largest operator of non‐franchised collision repair centers in North America in terms of number of locations and one of the largest in terms of sales. The Company operates locations in five Canadian provinces under the trade name Boyd Autobody & Glass (http:/www.boydautobody.com), as well as in 17 U.S. states under the trade names Gerber Collision & Glass (http://www.gerbercollision.com), Collision Revision and Champ's Collision Centers. The Company is also a major retail auto glass operator in the U.S. with locations across 28 U.S. states under the trade names Gerber Collision & Glass, Glass America, Auto Glass Services, Auto Glass Only, Auto Glass Authority and S&L Glass. The Company also operates two third party administrators that offer first notice of loss, glass and related services. Gerber National Glass Services is an auto glass repair and replacement referral business with approximately 3,000 affiliated service providers throughout the U.S. under the "Gerber National Glass Services" name and "Netcost Claims Services" which in addition to its referral business, also owns and operates its own call center and offers roadside assistance services. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our website at http://www.boydgroup.com.
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; operational performance; 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; Canadian tax related 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; unitholder liability limitation 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 Fund
For further information:
President & CEO
Tel: (204) 594-1770
Tel: (416) 815-0700 or toll free 1-800-385-5451 (ext. 290)