June 20, 2011 / 12:14 PM / in 6 years

UPDATE 1-Boyd Group to buy U.S. collision repair co for $21 mln

* Says deal to add to Boyd’s earnings immediately

* Deal to close by July 1 (Follows alerts)

June 20 (Reuters) - Canada’s Boyd Group Income Fund (BYD_u.TO) plans to buy Cars Collision Center, a private collision repair company based in the United States, for $21 million.

The acquisition of Cars Collision, which owns 28 collision repair centers in Illinois, Indiana, and Colorado in the U.S., is expected to immediately add to Boyd Group’s earnings, the fund said in a statement.

“By our estimates, the acquisition will position Boyd as the largest multi-location collision operator in North America not only in terms of number of locations, but also in terms of annual sales,” said Brock Bulbuck, chief executive officer of the Boyd Group.

The deal is expected to close by July 1.

Winnipeg, Manitoba-based Boyd Group Income Fund has a majority position in Boyd Group Inc, one of the largest operator of collision repair centres in North America.

Boyd’s units closed at C$11.01 on Friday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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