The Boyd Group Income Fund recently announced that it has signed a definitive agreement to acquire the assets of The Recovery Room of Central Florida, which owns 11 collision repair centers in the Orlando, FL, under the trade name The Recovery Room Collision Repair.
The acquisition was scheduled to close Nov. 16. With 11 locations, TRR is expected to generate annual sales of approximately $23 million.
“Acquiring TRR is another important strategic undertaking that will double our number of locations in Florida,” said Brock Bulbuck, President and Chief Executive Officer of the Boyd Group. “Currently, there is no other major multi-location collision operator in Florida, and we are the first to build significant presence in the state. We believe Florida is an attractive market for our business and has many growth opportunities.”
The total of approximately $7.3 million, plus a work-in-progress inventory adjustment, will be funded through a combination of cash, bank debt and third-party financing. The Fund will not be issuing any new equity to fund the transaction.