DLA Piper (Canada) LLP represented Assured Automotive Inc. (“Assured”) in its sale of assets and business to Boyd Group Income Fund (“the Boyd Group”) for CAD $193.6 million.
The Ontario-based Assured is the largest operator of non-franchised collision repair centres in Canada, with 68 locations across the province. The Boyd Group, operating under various trade names, is one of North America’s largest operators of auto repair facilities. With the acquisition, the Boyd Group will expand its network to 474 locations across North America, including 110 in Canada. Assured will continue to operate under its original brand name.
The transaction closed on July 4, 2017. The purchase price of CAD $193.6 million – subject to closing and post-closing adjustments – was funded by way of CAD $146.1 million in cash and CAD $47.5 million in Boyd Group income fund units priced at $88.31 per unit. Boyd Group Income Fund units trade on the Toronto Stock Exchange (TSX) under the symbol BYD.UN.
The DLA Piper transaction team was led by Robert Black and included Russel Drew, Lana Finney, Sarah Bode, Michael Richards, Bruce Darlington, Stephen Morris, Derek Sigel, Kevin Fritz, Nicholas Sharratt, Ryan Campbell and Diana Weir.