Boyd Group acquires US auto glass company

  Autoglass

Boyd Group has effectively acquired a majority ownership and controlling interest in the retail auto glass business of Glass America. The Fund and its existing operating partner will each contribute their interests in their existing US auto glass business (Gerber Glass) on a relative valuation basis, along with a USD 6.75 million cash equity contribution into the new entity and will receive a combined equity interest of 70%.

Signing
Boyd Group has acquired a majority ownership and controlling interest in the retail auto glass business of Glass America
Boyd Group Income Fund has announced that, through a business combination, it has effectively acquired a majority ownership and controlling interest in the retail auto glass business of Glass America, Inc., which operates 61 retail auto glass locations across 23 US states under the trade names of Glass America and Auto Glass Services.
The Fund and its existing operating partner will each contribute their interests in their existing US auto glass business (Gerber Glass) on a relative valuation basis, along with a USD 6.75 million cash equity contribution into the new entity and will receive a combined equity interest of 70%. Boyd will fund USD 5.75 million of the equity contribution and will hold 55.19% of the new entity, as well as operating and Board control positions. The shareholders of Glass America will contribute the business of Glass America on a relative valuation basis for a 30% non-controlling interest position. The cash equity contributions by Boyd and its operating partner will be used to pay off third party debt of Glass America.
"This acquisition is very attractive from both a strategic and a financial point of view," said Brock Bulbuck, President and CEO of the Boyd Group. "The automotive glass restoration business is a natural and complimentary extension of our industry leading collision repair business. This acquisition will increase our US glass business size, both in terms of footprint and annual sales, to become the second largest retail auto glass...

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