The Canadian Press
WINNIPEG - Boyd Group Income Fund (TSX:BYD.UN) will pay about $32.5 million to buy Dora Holdings, Inc., owner and operator of 25 collision repair centres in Illinois, Indiana and Florida under the trade name Collision Revision.
Winnipeg-based Boyd Group said Monday that the acquisition of the repair centres, which generated sales of some US$50 million in 2013, will immediately add to earnings.
Twenty-three of the 25 locations are in Illinois, including 15 in the Chicago area, while two others are in Fort Wayne, Ind. and Fort Myers, Fla.
With the new locations, Boyd will operate 288 collision repair locations across 15 U.S. states and five Canadian provinces.
"We are very pleased to announce another multi-shop acquisition to further our geographic footprint," said president and CEO Brock Bulbuck. " . . . This is our seventh major multi-shop acquisition since 2010 and reinforces our position as the largest multi-shop operator in North America in terms of number of locations."
The purchase price, subject to working capital adjustments, will be funded through a combination of seller financing and use of Boyd's revolving credit facility.