On July 4, 2017, Boyd Group Income Fund (TSX: BYD.UN) (Boyd) completed its acquisition of the assets and business of Assured Automotive Inc. and related entities (collectively, Assured) for total consideration of $193.6 million, which was satisfied by a cash payment of $146.1 million and the issuance of $47.5 million in units of Boyd.
The Ontario-based Assured was the largest operator of non-franchised collision repair centres in Canada, with 68 locations across the province. This acquisition makes the Winnipeg-based Boyd the largest non-franchised provider of collision repair services in Canada and secures its position as a leading provider of collision repair services in North America.
Following its acquisition of Assured’s business, Boyd owns 110 locations in Canada and 476 locations across North America. The acquired business will continue to operate in Ontario under the Assured brand name.
Assured was represented in-house by Glenn Bryant, Chairman and General Counsel. Assured was represented externally by DLA Piper (Canada) LLP with a team led by Robert Black and including Russel Drew (M&A), Lana Finney (environmental), Sarah Bode, Derek Sigel, Bruce Darlington, Ashton Wiebe and Nicholas Sharatt (corporate and M&A), Michael Richards and Ryan Campbell (employment), Stephen Morris (real estate) and Kevin Fritz (tax). Jefferies LLC acted as financial advisor to Assured.
Boyd was represented in-house by Peter Toni, Corporate Attorney. Boyd was represented externally by Thompson Dorfman Sweatman LLP with a team led by Greg Tallon and including, Barry MacTavish (securities), Robin Kersey (employment), Stephanie Tétreault, Michael Choiselat, Stefan Drew and Courtney Weinstein. Alexandria Pike from Davies Ward Phillips & Vineberg LLP represented Boyd in respect of environmental matters. Acumen Corporate Development Inc. provided advisory services to Boyd.