At present, Boyd is the only publicly traded company collision repair company in North America. The other three major consolidators are privately held, owned by various private equity groups. The company trades as a unit trust on the Toronto Stock Exchange and has a market capitalization of well over a $1 billion – $1.33 billion as of last night (all values are in Canadian dollars unless otherwise indicated). Over the next few weeks we will discuss what I discovered when I read Boyd’s 2015 Income Statement.
About Boyd
Boyd, or more formally, Boyd Group Income Fund, is one of the world’s largest collision repair operators. But it was not always such. Boyd started as a privately held company, a single location opened in 1990. By the end of the first quarter of this year (March 31st) Boyd owned and operated 368 facilities across the U.S. and Canada, operating under the name Boyd in Canada and Gerber in the U.S. (I’ll refer to the company collectively as “Boyd”).Boyd also has significant retail glass operations and glass claims services in the U.S.
This week we are going to review the P&L and the balance sheet and cash flow statement in following weeks (you can access Boyd’s recent financial reports on their investor relations website). A common exercise I perform with clients is to compare their numbers to companies like Boyd. This is a great way for us to quickly identify areas for improvement. I invite you to compare your business to Boyd in the same way and let me know how you stack up!
