Toronto, Ontario -- The Boyd Group Services Inc. is amending a loan agreement to help fund its purchase of more than 250 Joe Hudson’s Collision Center in the U.S.
The update gives Boyd access to as much as US$675 million in revolving credit, with room to increase the total to US$1.075 billion. A revolving credit facility works like a large, pre-approved loan a company can borrow from, repay and borrow from again.
The amendment offers lower borrowing costs and more flexibility than Boyd’s previous agreement while keeping the same maturity date in August 2030. A separate US$125 million Term Loan A is unaffected by the change.
According to a press release, the updated facilities are meant “to facilitate the company’s acquisition of Joe Hudson’s Collision Center” and provide “more favorable pricing and flexibility while maintaining the existing maturity of August 2030.”
The deal is valued at about US$1.3 billion. Joe Hudson’s operates 258 bodyshops across 18 southeastern U.S. states. Adding those locations would bring Boyd’s network to roughly 1,273 shops. Joe Hudson’s generated about US$722 million in revenue in the 12 months ended June 30 2025 and had a profit margin of 8.7 per cent based on adjusted EBITDA. Boyd expects US$35 million to US$45 million in yearly cost savings once both companies share systems and purchasing.
To pay for the purchase, Boyd has raised US$897 million by selling new shares to investors and issued C$525 million in senior unsecured notes, a type of bond that does not use assets as collateral. The remaining cost will be covered through the expanded credit facilities. The acquisition “continues to progress through the customary closing conditions and regulatory requirements.”
