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Letter to the Editor
Friday August 13
Boyd Group Acquires Two Collision Repair Facilities in Atlanta and Appoints Dan Dott New CFO
The Boyd Group Income Fund has acquired two collision repair facilities located in the greater Atlanta area. The facilities are Cartech of Decatur, Inc. and Cartech of Towncenter, Inc. The acquisition will be funded through a combination of cash and vendor financing. It is expected that the two stores, which were former franchisees of Boyd Group, will contribute approximately $7.0 million to Boyd Group's annualized revenue in 2004. The transaction will be formally completed on August 16, 2004.As part of its plan to leverage the strategic value of its recently acquired Gerber Collision & Glass operations, Boyd Group is rolling out the Gerber Collision & Glass brand to all of its U.S. operations. This acquisition will complement Boyd Group's existing Atlanta operations, bringing Boyd Group's total number of Gerber Collision & Glass facilities in the Atlanta market to seven. With the addition of the two Atlanta facilities, Boyd Group Income Fund now operates 84 corporate locations across North America.
"This acquisition is in line with our strategy to expand and establish leadership position in select regional markets in the U.S.," said Terry Smith, President and CEO of the Boyd Group. "We look forward to adding these two repair centres to the Gerber network and further strengthening our market presence in the Atlanta market."
In other company news, Dan Dott, formerly Vice President, Finance & Administration of the Boyd Group, has been appointed Vice President & Chief Financial Officer of the company.
Mike Graham has resigned as Boyd Group's Chief Financial Officer. He has accepted a senior position with another company. The change in management is effective September 1, 2004.
"We are pleased to announce Dan's appointment as Chief Financial Officer. Dan has played an integral role in leading our finance and administration department for more than five years and has worked very closely with Mike, so we expect a seamless transition," said Terry Smith, President and CEO of the Boyd Group. "Mike has been a valued contributor to our management team and we wish him all the best in his future endeavours."
Prior to joining the Boyd Group, Dott was Director of Finance at ENSIS Corporation Inc., a corporation that was established in 1991 to facilitate the $90 million management-led buy-out of five international industrial operating groups of companies that comprised the core assets of Federal Industries Ltd.'s Industrial Group.
Boyd Group is the largest operator of collision repair facilities in Canada and among the largest in North America. It operates 82 corporate locations in the U.S. and Canada, and ten franchised locations operating under its trade names.
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