The announcement came about a quarter after Driven Brands Paint and Collision President Jose Costa told media there was no reason CARSTAR couldn’t double its then-240 shows in 2-3 years.
“Looking forward, we will continue to pursue accretive growth through a combination of organic growth (same store sales growth) as well as acquisitions and new store development,” Bulbuck said in a statement Wednesday. “Acquisitions will include both single location acquisitions as well as multi location acquisitions. Combined, we expect this strategy to generate growth sufficient to double the size of our business over the next five years, implying an average annual growth rate of 15 percent.”
Boyd/Gerber has $400 million ready to buy the necessary body shops — or something larger.
“With prudent financial management and our strong balance sheet, including our dry powder of over $400 million, we are further well-positioned to take advantage of large acquisition opportunities, should they arise, which could accelerate the time frame to double the size of our business.”