Boyd Group Services (BYD) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition increases location count by 25% to 1,273, adding 258 locations and densifying presence in the U.S. Southeast, a region with above-average growth.

• Combined entity solidifies position as a leading player in the $50 billion North American collision industry, with an estimated 7.6% revenue share.

• JHCC's growth strategy, operational focus, and culture align with the acquirer's, supporting confidence in synergy realization and value creation.

• The deal accelerates growth and supports the five-year strategic plan, providing flexibility for continued expansion.

Financial terms and conditions

• Purchase price is $1.3 billion, or $1.15 billion net of tax benefits, with a 13.3x trailing 12-month Adjusted EBITDA multiple, reduced to 9.3x after synergies.

• Financing includes equity, debt, committed bridge financing, revolving credit facilities, and new senior notes, with fully committed financing secured.

• Net debt to Adjusted EBITDA expected to rise to 3.4x at closing, returning to 2.7x by end of 2027.

Synergies and expected cost savings

• Annualized run-rate synergies of $35–$45 million are anticipated, with 50% targeted for near-term realization and full achievement by 2028.

• Synergies will come from procurement savings, internalization of scanning/calibration, densification, and operational efficiencies.

• Synergy initiatives are already underway, providing high confidence in achieving targets.