Boyd Group Acquiring True2Form Body Shops
WINNIPEG, MB, CANADA - The Boyd Group, a major collision repair company in Canada, said it is in the process of acquiring True2Form Collision Repair Centers, one of the largest multi-location collision repair companies in the United States.
"The acquisition of True2Form is a significant strategic move for the Boyd Group as it allows us to enhance our presence in the eastern United States with an additional 37 locations in states and markets that we do not currently operate in, thereby complementing our existing network," said Brock Bulbuck, president and CEO of the Boyd Group.
The transaction, valued at approximately $18 million in U.S. dollars, is expected to be completed by August 1, subject to certain closing conditions being fulfilled. Funding for the transaction will be a combination of cash, U.S. bank debt, third-party financing and a vendor take-back note, the Boyd Group said.
True2Form is a private company that operates 37 locations in four U.S. states. That includes 17 locations in North Carolina, eight locations in Ohio, seven locations in Maryland, and five locations in Pennsylvania. True2Form reported revenues of over $71 million in the 12 months ended May 31, 2010.
"We are looking forward to being a part of the Boyd Group," added Rex Dunn, CEO of True2Form. "We believe that the combination of our two market-leading companies represents an excellent strategic fit and creates an even stronger industry leader which will be better positioned to deliver innovative, best-in-class service to insurance company customers and vehicle owners."
With the acquisition of True2Form, the Boyd Group will significantly expand its footprint and will operate 129 centers in North America, with 92 centers in 11 U.S. states and 37 centers in the four Western Canadian provinces.