Boyd Group Services has announced a definitive agreement to acquire Joe Hudson’s Collision Center (JHCC) from TSG Consumer Partners LP for approximately $1.3 billion. The acquisition, which adds 258 collision repair locations across 18 U.S. states, will bring Boyd’s total network to 1,273 locations across North America.
The deal strengthens Boyd’s position as a leading operator in the highly fragmented North American collision repair industry and significantly expands its presence in the U.S. Southeast, a region the company has identified as a strategic growth area. JHCC, founded in 1989, has demonstrated strong operational performance and steady expansion, generating $722 million in sales and $63 million in Adjusted EBITDA for the twelve months ending June 30, 2025, with an Adjusted EBITDA margin of 8.7%. When adjusted to approximate IFRS lease accounting treatment, JHCC’s Adjusted EBITDA was $104 million with a 14.4% margin.
The transaction, expected to close in the fourth quarter of 2025 pending customary approvals, will be financed through a mix of revolving credit facilities, a concurrent equity offering, and new senior notes. Boyd has secured fully committed bridge financing and anticipates returning to its current leverage level of 2.7x Net Debt to Adjusted EBITDA, excluding lease payments, by the end of 2027.
Boyd expects to realize between $35 million and $45 million in annualized run-rate synergies from procurement savings and operational efficiencies, achieving roughly half of these by 2026 and full realization by 2028. Management projects that the acquisition will be accretive to Boyd’s Adjusted EBITDA margin and net earnings per share after synergies in the first full year following the close.
In addition to the acquisition announcement, Boyd released preliminary financial results for the third quarter of 2025. The company expects sales of $787 million to $792 million, representing a 5% year-over-year increase driven by 2–2.5% same-store sales growth and contributions from new locations. Adjusted EBITDA is expected to grow by 21–23% from the prior year, reaching an Adjusted EBITDA margin of 12.3–12.5%, up from 10.7% in Q3 2024. Boyd also added 24 new locations in the quarter, including 17 through acquisitions and seven through start-ups, bringing the total to 1,015 locations by the end of the quarter.
Support: RBC Capital Markets is serving as exclusive financial advisor to Boyd, with legal counsel provided by Massumi + Consoli LLP and Axinn, Veltrop & Harkrider LLP. Joe Hudson’s Collision Center and TSG are advised by Ropes & Gray LLP and Fasken Martineau DuMoulin, with Harris Williams LLC and BofA Securities acting as financial advisors.
KEY QUOTES:
“Today’s announcement marks a significant milestone for Boyd, as we accelerate our growth and solidify our position as one of the leading players in the highly fragmented North American collision industry. Through the acquisition of JHCC, we are expanding our presence in the growing region of the U.S. Southeast, which was identified through our enhanced go-to-market strategy as a key growth region for Boyd. In addition to the geographic presence, which is complementary to our existing location footprint, JHCC’s growth strategy, operational focus and culture are well aligned with Boyd’s, providing us with confidence in our ability to generate meaningful synergies as well as create strong value for our customers, insurance company clients and shareholders as a result of the acquisition.”
“This acquisition comes at an exciting time for Boyd, as we continue to make progress on Project 360 as well as other internal initiatives, which have enabled Boyd to expect to report strong results in the third quarter ended September 30, 2025, as compared to the third quarter of 2024. I want to thank the entire Boyd team for all their hard work and dedication enabling us to achieve strong results in the third quarter and look forward to welcoming the JHCC employees to our Company upon closing of the acquisition.”
Brian Kaner, President and CEO, Boyd Group Services
