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WINNIPEG, Jan. 4, 2017 /CNW/ - Boyd Group Income Fund (TSX: BYD.UN) is pleased to announce that it has appointed Tim O'Day President and Chief Operating Officer for the Fund. In his new role, Mr. O'Day will have operating responsibility for the entire company, including operations in both the United States and Canada. Concurrent with this change, Brock Bulbuck will become Chief Executive Officer ("CEO"), thereby relinquishing the "President" title, which he has held along with CEO since 2010. Mr. O'Day, and the Fund's Executive Vice President & CFO, Pat Pathipati, will continue to report to Mr. Bulbuck.
"This change is being made to better position Tim with company-wide operating oversight, responsibility and influence," said Mr. Bulbuck. "This, along with related changes that will be made in our operational management structure reporting to Tim, will better position our business with greater breadth and depth of senior management."
"Tim has played a key role in growing our network in the U.S. and bringing new acquisitions and locations online, while at the same time maintaining our commitment to both operational excellence and financial performance," added Mr. Bulbuck. "As we continue to grow, Tim is uniquely qualified to ensure that our commitments to these objectives are maintained across our entire business."
Mr. O'Day joined Gerber Collision & Glass in February 1998 and with Boyd Group's acquisition of Gerber in 2004, he was appointed Chief Operating Officer for Boyd's U.S Operations. In 2008, he was appointed President and Chief Operating Officer for U.S. Operations. Before this, he was with Midas International, where he was elevated to Vice President, Western Division, and responsible for a territory that encompassed 500 Midas locations. He holds a Bachelor's degree in Business & Accounting from Michigan State University.
"I am very pleased and excited to be taking on this expanded role," added Mr. O'Day. "Our opportunities at Boyd continue to be tremendous, and I look forward to working more closely with Brock to take advantage of these opportunities and create value for our unitholders."
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 one of the largest operators of non-franchised collision repair centres in North America in terms of number of locations and sales. The Company operates locations in five Canadian provinces under the trade name Boyd Autobody & Glass (http://www.boydautobody.com), as well as in 20 U.S. states under the trade name Gerber Collision & Glass (http://www.gerbercollision.com). The Company uses newly acquired brand names during a transition period until acquired locations have been rebranded. The Company is also a major retail auto glass operator in the U.S. with locations across 31 U.S. states under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. The Company also operates a third party administrator, Gerber National Claims Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. GNCS has approximately 5,500 affiliated glass provider locations and 4,600 affiliated emergency roadside services providers throughout the U.S. 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; operational performance; acquisition risk; employee relations and staffing; foreign currency risk; loss of key customers; decline in number of insurance claims; brand management and reputation; margin pressure; market environment change; reliance on technology; weather conditions; low capture rates; competition; access to capital; dependence on key personnel; tax position risk; quality of corporate governance; economic downturn; increased government regulation and tax risk; interest rates; environmental, health and safety risk; fluctuations in operating results and seasonality; U.S. health care costs and workers compensation claims; energy costs; risk of litigation; execution on new strategies; operating hazards; insurance risk; cash distributions not guaranteed; unitholder limited liability is subject to contractual and statutory assurances that may have some enforcement risks; 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: Brock Bulbuck, CEO, Tel: (204) 594-1770, [email protected]; Pat Pathipati, Executive Vice President & CFO, Tel: (204) 895-1244 (ext. 33841), [email protected]; Craig MacPhail, Investor Relations, Tel: (416) 586-1938 or toll free 1-800-385-5451, [email protected]