Boyd Group Services, an operator of collision repair and auto glass centers across North America, raised $780 million by offering 5.5 million shares at $141. The company is currently listed on the Toronto Stock Exchange (BYD). The underwriters agreed to purchase the shares on a bought deal basis, based on a discount to the company's converted share price on the TSX (US$153.38 at October 28).
Boyd Group Services plans to list on the NYSE on Friday under the symbol BGSI, and it will continue to trade on the TSX. RBC Capital Markets, CIBC World Markets, National Bank Financial, and TD Securities acted as lead underwriters on the deal.
Boyd operates full-service collision repair centers in North America. Its offerings include collision repair, glass repair, replacement services, and calibration services, operating over 1,000 locations across 34 US states and five Canadian provinces. Boyd operates in Canada under the trade names Boyd Autobody & Glass and Assured Automotive, and in the US under the trade name Gerber Collision & Glass. Boyd is pending an acquisition of US auto repair shop chain Joe Hudson’s Collision Center, and will use IPO proceeds to purchase the company.
