Winnipeg, Manitoba – Gerber Collision’s parent company Boyd Group doesn’t intend on letting the uncertainty of 2020 get it down as the Manitoba-based collision network set forth the goal of doubling their numbers in the next five years, following the release of their third-quarter financials last week.
Boyd Group is hoping to build on the success it experienced in 2019 when they managed to bring in $2.28 billion in revenue, a nearly 95 percent increase from 2015 ($1.17 billion).
With nearly 90 percent of their business coming from operations in the U.S., Gerber Collision is attempting to claim their stake in the American market with this aggressive five-year growth plan.
“We are pleased to announce our new five-year growth strategy. Despite the COVID-19 pandemic, our results demonstrate that Boyd is well-positioned to continue to navigate through this challenging environment,” said Boyd Group CEO Tim O’Day.
“Our new growth strategy is to double the size of the business on a constant currency basis from 2021 to 2025, based on 2019 revenues, implying an average annual growth rate of 15 percent. In order to achieve this, we will pursue accretive growth through a combination of organic growth (same-store sales growth) as well as adding new locations to our network in the United States and Canada. New location growth will continue to include single location acquisitions, as well as brownfield and greenfield start-ups, and multi-location acquisitions. Additionally, to reduce volatility from exchange rates, effective January 1, 2021, we will change our presentation currency and begin reporting our results in U.S. Dollars. Given almost 90% of our revenues come from the U.S., this is an appropriate currency for reporting purposes. With prudent financial management and our strong balance sheet, including dry powder of over $1 billion, we are well-positioned to take advantage of acquisition opportunities as they arise.”
Boyd was forced to halt their acquisitions in March when the COVID-19 was first declared and were not able to resume until early September. However, since then Boyd has had a hand in the construction or acquisition of 11 locations since the start of the third quarter.
