After the sale Smith holds approximately 463,000 units and exchangeable Class A shares of the Boyd Group, which reflects his continuing confidence in the Boyd Group. After the transaction, the management team continues to own in excess of 15 percent of Boyd.
"I am tremendously happy with what Boyd has achieved since I founded the company in 1990," said Smith. "Starting with a single repair center in Winnipeg, Boyd has now become the largest collision repair operator in North America with 164 locations covering 13 U.S. states and four Western Canadian provinces. Although many milestones for the fund have been reached, significant growth and opportunities lie ahead. As I prepare myself for eventual retirement, I have taken a step to prudently diversify my finances by reducing concentration in any one asset. I have no current plans to reduce my equity position in Boyd any further. Although my financial exposure to the Boyd Group is reduced, I am extremely confident with our existing management team and how the company is positioned for continued growth and success in the future."
"As founder of the Boyd Group, Terry has been instrumental in establishing Boyd as a corporate leader in the automotive collision repair industry and in the success that Boyd has enjoyed to date," said Brock Bulbuck, president and chief executive officer of the Boyd Group. "We are also pleased that in consideration for his future retirement, Terry has decided to maintain a meaningful position in units of the Boyd Group Income Fund as part of his diversified portfolio going forward. This serves as a continued endorsement and sign of confidence in our management team, our strategy, and our opportunity for continuing growth and success."Smith is widely credited as the architect of Boyd's growth and development. Bulbuck joined Boyd in 1993 and, along with Smith, has played a leading role in the company's growth and development.
For more information on The Boyd Group Inc. or Boyd Group Income Fund, visit www.boydgroup.com.
