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Gold/Mining/Energy : The Boyd Group Inc BYD.A -Autobody & Glass
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To: DARPA who wrote (14)7/22/1999 4:35:00 PM
From: David Michaud  Read Replies (1) of 41
 
Boyd Group Inc (The) -

Boyd Group acquires Dunlap-Riggs Body Shop

Boyd Group Inc (The)
BYD.A
Shares issued 6,109,994
1999-07-21 close $2
Thursday Jul 22 1999
Mr. Terry Smith reports
The company has purchased the assets and business of Dunlap-Riggs Body Shop,
a high-volume collision repair centre, northeast of Tulsa in Claremore, Okla.
Dunlap-Riggs is the pre-eminent body shop in Claremore with annual revenues of
approximately $4.0-million. When combined with Boyd's existing U.S. operations,
this acquisition will result in Boyd having approximately 20 per cent of its total
revenue being derived from U.S. operations.
Boyd entered the U.S. market earlier this year with its acquisition of four service
body shop locations in the neighbouring state of Kansas. The addition of
Dunlap-Riggs in the same geographic area will contribute to enhanced synergies
derived from multiple locations, and will further strengthen Boyd's presence in the
U.S. Midwest. When combined with existing operations, this acquisition will
increase Boyd's overall annualized gross revenue to approximately $61.0-million.
The undisclosed purchase price for this acquisition has been satisfied in part by the
issuance of 89,000 Class A shares of Boyd (representing approximately
$300,375 of the purchase price).
With the addition of Dunlap-Riggs, the Boyd Group will now operate 42
company-owned locations. It is the largest operator of collision repair shops in
Canada and is among the largest in North America. In addition to its
company-owned locations, Boyd also has 13 third-party-owned licensed
locations operating under its trade names. Boyd continues to successfully carry out
its proven strategy of acquiring additional company-owned locations as part of its
plan to be a leader in the consolidation of the highly fragmented North American
collision repair industry, recently estimated to be approximately $40-billion in
annual revenue.
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