Boyd Group Income Fund announced that Terry Smith,
executive chairman of the
Boyd Group, has sold 300,000 units of his ownership position
in the fund.
As Smith approaches eventual retirement, he has chosen to
diversify his
highly concentrated stake in the fund, reflecting a more
balanced portfolio
of personal assets.
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.
