AutoCanada closes Modern Autobody acquisition

Executive Summary

• AutoCanada Inc. has completed the acquisition of Modern Autobody, a single-location collision and refinish repair facility in Edmonton, Alberta.
• The acquisition expands AutoCanada's collision repair footprint in the Edmonton market and significantly strengthens its luxury and OEM certification coverage.
• Modern Autobody currently operates without direct repair programs (DRPs), presenting an immediate opportunity to establish insurance partnerships and capture revenue synergies through AutoCanada's existing insurer relationships.

Key Details

• Transaction Type: Acquisition of a single-location collision and refinish repair facility.
• Target: Modern Autobody (Edmonton, Alberta).
• Strategic Rationale: Expands regional collision repair footprint; aligns with focus on premium and luxury certifications; leverages a highly experienced management team.
• OEM Certifications Acquired: Mercedes-Benz, BMW, MINI, Jaguar, Land Rover, Tesla, Porsche, Lexus, Acura, Honda, Bentley, Infiniti, Subaru, and Rivian.
• Operational Proximity: Facility is located approximately 1 km from AutoCanada's Crosstown Autobody and 11 km from Doug's Place Strathcona, and is in close proximity to AutoCanada's five Edmonton-area dealerships.
• Revenue Synergy Opportunity: Target currently operates without direct repair programs (DRPs), enabling immediate establishment of insurance partnerships and volume expansion via AutoCanada's existing insurer network.
• Consideration/Financial Terms: Not disclosed in the release.

Notable Quotes

• "Modern Autobody is an excellent strategic fit for AutoCanada," said Sam Cochrane, interim chief executive officer and chief financial officer of AutoCanada. "The business aligns closely with our focus on premium and luxury certifications, offers attractive operational synergies, and is led by a highly experienced team. We are pleased to welcome Modern Autobody to our platform."