Boyd Group Services (BYD) Registration Filing summary

Company overview and business model

• Operates one of the largest non-franchised collision repair center networks in North America, with over 1,000 locations in the U.S. and Canada under multiple brands.

• Provides collision repair, glass repair/replacement, calibration, and related services, with a significant portion of revenue from insurance-paid repairs.

• Announced a definitive agreement to acquire Joe Hudson's Collision Center (JHCC), adding 258 locations and expanding presence in the U.S. Southeast.

• Strategic focus on growth through acquisitions, start-ups, and internalization of high-value services like scanning and calibration.

Financial performance and metrics

• 2024 sales reached $3.07 billion, with Adjusted EBITDA of $334.8 million (10.9% margin), and net earnings of $24.5 million.

• Q2 2025 sales were $780.4 million, with Adjusted EBITDA of $93.8 million (12.0% margin), and net earnings of $5.4 million.

• Same-store sales declined 1.8% in 2024 and 2.5% in the first half of 2025, reflecting industry headwinds, but outperformed broader market trends.

• JHCC reported LTM sales of $722 million, net loss of $23 million, and Adjusted EBITDA of $63 million (8.7% margin) as of June 30, 2025.

• Pro forma combined 2024 sales would have been $3.74 billion, with a net loss of $26.5 million, reflecting acquisition and financing impacts.

Use of proceeds and capital allocation

• Net proceeds from the IPO, along with new debt and credit facilities, will fund the $1.3 billion cash acquisition of JHCC, related fees, and transaction expenses.

• If the acquisition is not completed, proceeds may be used to reduce debt, fund future growth opportunities, or for general corporate purposes.

• Ongoing capital allocation priorities include growth investments, maintenance capex, and gradually increasing dividends.