Boyd Group has acquired Assured Automotive – Canada’s largest non-franchise collision repair company with 68 locations – for $193.6m.
The move further establishes Boyd as a market-leading collision repair provider in North America with 474 locations, over 7,300 employees and over $1.5bn in 2016 pro forma revenue.
‘The acquisition of Assured is a significant strategic move for Boyd that further positions us as a leading provider of collision repair centres in Canada, and North America,’ said Brock Bulbuck, CEO of the Boyd Group. ‘Assured, with its strong management team, well-established culture of operational excellence, strong sales growth and commitment to high quality customer service, is complementary to our existing business and enhances our ability to deliver value to our customers and insurance clients, and, in turn, our unitholders.’
Assured operates 68 collision repair centres in Ontario, including 30 intake centres co-located at automotive dealerships. With the acquisition of Assured, the Boyd Group significantly expands its footprint to 110 locations in Canada.
Under Boyd’s ownership, Assured will continue to operate and grow under the Assured brand name and will continue to be led by Desmond D’Silva, CEO of Assured, and Tony Canade, president of Assured, who will join Boyd’s management team.
‘We are looking forward to being part of the Boyd Group, both as part of the leadership team, as well as significant unitholders,’ added Des D’Silva, CEO of Assured. ‘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 grow and to deliver innovative, best-in-class service to insurance clients and vehicle owners across North America.’
The transaction is expected to be completed within 60 days, subject to certain closing conditions being fulfilled.
Source: Mark Hadaway, IBIS