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Letter to the Editor
Monday January 17
Boyd Group Acquires Collision Repair Facilities in Western Canada and Announces New Store Openings in U.S.
The Boyd Group Income Fund has completed the acquisition of Automation Paint & Body in Calgary, Alberta and of Abbotsford Auto Body in Abbotsford, British Columbia. These two locations had combined annual sales of approximately $3.2 million in 2004 and are expected to make a positive contribution to the Fund's distributable cash going forward. The acquisitions will be funded primarily by way of Boyd Group's forgivable capital funding program and supplier loan facility.The Fund also announced that since reporting its 2004 third quarter financial results on November 15, 2004, it has continued with its plan to develop new collision repair facilities in the Chicago area. During the third quarter of 2004, two of these new facilities were opened and during the fourth quarter of 2004 two additional facilities commenced operations.
The Fund anticipates that an additional Chicago area location that is under development will commence operations in the first quarter of 2005. These new facilities are expected to generate approximately $2.5 million in sales per store on an annual basis and are expected to contribute to the Fund's distributable cash in their first year of operation. Boyd Group is funding the development of these facilities primarily through a combination of forgivable capital funding and supplier loans.
The Boyd Group Inc. is the largest operator of collision repair facilities in Canada and among the largest in North America. The company operates locations in the four western Canadian provinces principally under the trade name Boyd Autobody & Glass and in six U.S. states principally under the trade name Gerber Collision & Glass.
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