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Boyd Group to Acquire Joe Hudson’s Collision for US$1.3B
The Boyd Group has agreed to acquire 258 Joe Hudson’s collision centres located in the U.S. Southeast for US$1.3 billion.
Winnipeg-based Boyd is purchasing the autobody shops through the purchase of the entire Joe Hudson’s business, which generated US$722 million in sales and 8.7% adjusted EBITDA in the trailing 12-month period that ended June 30.
“Today’s announcement marks a significant milestone for Boyd, as we accelerate our growth and solidify our position as one of the leading players in the highly fragmented North American collision industry,” said Brian Kaner, president and CEO of Boyd. “Through the acquisition of JHCC, we are expanding our presence in the growing region of the U.S. Southeast, which was identified through our enhanced go-to-market strategy as a key growth region for Boyd.”
Boyd is funding the acquisition through a combination of drawings on the company’s evolving credit facilities, proceeds from a concurrently US$780-million bought-deal IPO in the U.S. and new senior notes.
The Joe Hudson’s portfolio spans 18 states. The chain has added 123 locations since 2020.
If all goes according to plan, the acquisition will expand Boyd’s location total to 1,273.
Photo: Joe Hudson’s
- ◦Sale/Acquisition
