Winnipeg, Manitoba -- The Winnipeg-based Boyd Group Services Inc. is now listed on both the NYSE and the TSX.
The company closed its Wall Street IPO, after generating US$897 million through the sale of 6,361,800 common shares at US$141 each — including 829,800 shares from the full underwriters’ option.
“The company intends to use the net proceeds from the offering, together with amounts expected to be borrowed under the up-sized new credit facilities and available cash on hand, to fund the purchase price payable in connection with the previously announced acquisition of Joe Hudson’s Collision Center,” Boyd said in its release.
Joe Hudson’s Collision Center operates more than two hundred and thirty collision-repair locations across twenty three U.S. states, concentrated in the Southeast and Sunbelt — in markets where Boyd historically has not had the same density as it has in the Midwest and West. In announcing the deal on Nov. 29, Boyd described JHCC as a “leading operator of collision repair centres” in the United States, with a significant physical footprint and an established management bench. The transaction is expected to materially boost Boyd’s U.S. same-store network overnight.
Boyd officials added that the offering qualifies as the company’s U.S. IPO, meaning its common shares now trade on the NYSE under BGSI while retaining its TSX listing under BYD.
