WINNIPEG – Boyd Group Income Fund (TSX:BYD.UN) said Friday it has signed a deal to acquire majority ownership and controlling interest in Glass America Inc., which has 61 retail auto glass locations across 23 U.S. states under the Glass America and Auto Glass Services banners.
The fund and its existing operating partner will each contribute their interests in their existing U.S. auto glass business along with a US$6.75 million cash equity contribution and will receive a combined stake of 70 per cent in the new company.
Boyd will fund US$5.75 million of the equity contribution and hold a 55.19 per cent stake in the new company as well as operating and board control.
The shareholders of Glass America will contribute the business of Glass America for a 30 per cent non-controlling stake.
The Boyd Group operates under the trade name Boyd Autobody and Glass banner in Canada as well as in 14 U.S. states under the Gerber Collision and Glass, Recovery Room and Autocrafters banners.