From BodyShop Business
The Boyd Group announced it has inked an agreement to buy Assured Automotive, Canada’s largest operator of non-franchise collision repair centers, for $193.6 million CDN (approximately $143 million USD).
Assured operates 68 collision repair centers in Ontario, including 30 intake centers co-located at automotive dealerships.
With the acquisition, the Boyd Group, parent company of Gerber Collision & Glass, expands its footprint to 110 locations in Canada and 474 locations across North America.
“The acquisition of Assured is a significant strategic move for Boyd that further positions us as a leading provider of collision repair centers in Canada, and North America,” said Brock Bulbuck, CEO of the Winnipeg-based 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 unit holders.”
The deal “provides a market-leading platform for the Boyd Group in Ontario, Canada’s largest market,” the company added in a news release. Under Boyd’s ownership, Assured will continue to operate under the Assured brand name. Assured CEO Desmond D’Silva and President Tony Canade will continue to lead Assured and 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 unit-holders,” said D’Silva. “The combination of our two market-leading companies represents an excellent strategic fit and creates an even stronger industry leader that will be better-positioned to grow and to deliver innovative, best-in-class service to insurance clients and vehicle owners across North America.”
Boyd Group said it expects the transaction to be completed within 60 days.