By CRM Staff
Winnipeg, Manitoba — May 3, 2017 — The Winnipeg-based Boyd Group has announced the acquisition of a collision repair location in Orem, Utah. The centre previously operated as Adams G3 Collision Repair. The new facility will operate under the Gerber Collision & Glass name.
“We look forward to expanding our services in Utah, and to joining the Orem community which this location has served for over 50 years,” said Tim O’Day, President and COO of the Boyd Group. “This will enable us to provide the professional and friendly service that Gerber is known for to our customers and insurance partners in the Provo-Orem metropolitan area.”
As noted in this week’s Tuesday Ticker, Boyd Group Income Fund had its target price lifted by Royal Bank of Canada from $88.00 to $89.00 in a report published on April 28, 2017. Royal Bank of Canada currently has a sector perform rating on the stock. The stock was listed on the Toronto Stock Exchange (TSX) at $89.00 at the close of trading on May 3.
According to a report by the Globe & Mail, shares have gained 2.03 percent over the last five days and are currently 4.02 percent off of the 52-week high. Shares have outperformed the S&P TSX by 5.58 percent during the last year.
This is at least the ninth shop acquired by the Boyd Group since the start of 2017. Number eight was a facility in Oregon.
The record year for acquisitions by the company was in 2014, but 2016 ranks a close second. In addition, the company reported record annual financial results in 2016, with sales up 18.1 percent to $1.4 billion. Some of that sales growth was as the result of acquisitons, but not all of it. Boyd Group’s same-store sales also grew by 5.3 percent in 2016.
The Boyd Group operates locations in five provinces under the name Boyd Autobody & Glass, as well as in 20 US states under the name Gerber Collision & Glass.
For more information, please visit boydgroup.com.