Boyd Group Services (BYD) investor relations material

Deal rationale and strategic fit

• Acquisition of Joe Hudson's Collision Center for $1.3 billion increases location count by 25%, adding 258 locations and densifying presence in key U.S. regions, especially the Southeast.

• Joe Hudson's strong growth, profitability, and alignment in strategy and culture complement the acquirer's market footprint and support confidence in synergy realization.

• Combined entity will have an estimated 7.6% revenue share in the $50 billion North American collision industry, solidifying its position as a leading player.

• The deal accelerates growth, supports the five-year strategic plan, and enhances operational scale and regional density.

• Enhanced geographic diversification and strengthened relationships with insurance carriers are expected.

Financial terms and conditions

• Purchase price is $1.3 billion, or $1.15 billion net of tax benefits, with a purchase multiple of 13.3x adjusted EBITDA, dropping to 9.3x after anticipated synergies.

• Financing includes committed bridge financing, revolving credit facilities, equity financing, new senior notes, and bank facilities, with fully committed financing secured.

• Net debt to adjusted EBITDA expected to rise to 3.4x at closing, returning to 2.7x by end of 2027.

Synergies and expected cost savings

• Annualized run-rate synergies of $35–$45 million are anticipated, with 50% expected in the near term and full achievement targeted by 2028.

• Synergies to be achieved through procurement savings, internalization of scanning/calibration, densification, and operational efficiencies.

• Transaction is accretive to adjusted net earnings per share and EBITDA margin after synergies in the first full year post-close.