WINNIPEG - The Boyd Group will more than double its presence in Canada by acquiring 68 collision repair centres in Ontario operated by Assured Automotive Inc. for $193.6 million.
The Winnipeg-based income fund (BYD_u.TO) says its North American network of collision repair shops will grow to 474 locations when the deal closes, including 110 in Canada.
Boyd Group CEO Brock Bulbuck said the acquisition was key to the company's push towards Eastern Canada.
“Prior to this acquisition our Canadian operations were, for the most part, concentrated in the western provinces. For a number of years now we’ve wanted to establish a good foothold in the Ontario market but haven’t been able to make the right platform acquisition,” Bulbuck told BNN in an interview on Monday.
Assured Automotive CEO Desmond D'Silva and president Tony Canade will join the Boyd management team and continue to lead the Assured operation under its own brand name.
Boyd will pay for Assured with about $146.1 million in cash and $47.5 million of income fund units priced at $88.31 each, subject to adjustments.
The value attached to the trust units is below their market price of $89.77 at the close of trading on Friday.
- with files from BNN.ca
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