BGSI · Boyd Group Services Inc.

This acquisition represents a transformative strategic expansion for Boyd Group Services Inc., significantly scaling its U.S. collision repair presence through the purchase of JHCC — a 258-location operator spanning 18 states and generating $746 million in annual sales. The transaction, completed on January 9, 2026, is the largest in the company’s history by disclosed purchase price ($1.30 billion), and marks a decisive shift toward consolidating the fragmented U.S. auto collision repair market. Funding was executed via a coordinated capital raise: the November 2025 U.S. IPO provided the majority of proceeds ($858.8 million), supplemented by $369.2 million from a private placement of senior unsecured notes due 2030 at 5.5% interest, and $73.0 million drawn from revolving credit facilities. The pro forma financials indicate that the deal adds substantial scale — boosting pro forma 2025 consolidated sales to $3.89 billion — while introducing $770.1 million of goodwill and $416.5 million of intangible assets, both subject to final fair value determination. Management explicitly states no material operational changes are planned beyond those reflected in the pro forma adjustments, signaling integration focus rather than restructuring. Critically, the acquisition was conducted at arm’s length — with no involvement of insiders or affiliates — reinforcing governance integrity. Given the size, geographic scope, funding complexity, and balance sheet impact (including new debt and equity issuance), this event materially alters Boyd’s scale, risk profile, and growth trajectory in its core U.S. market.