Boyd Group arranges $780-million (U.S.) IPO in U.S.

Executive Summary

• Boyd Group Services Inc. has entered into an agreement for a US$780 million bought deal initial public offering (IPO) in the United States, selling 5.53 million common shares at $141 (U.S.) per share.
• The shares will be listed on the New York Stock Exchange under the symbol BGSI, with trading expected to commence on October 31, 2025, while continuing to trade on the Toronto Stock Exchange under BYD.
• The net proceeds are intended to partially finance the acquisition of Joe Hudson's Collision Center, a move separately announced by the company; if the acquisition does not close, proceeds will be used to reduce debt or for general corporate purposes.

Key Details

• Offering Structure: Bought deal initial public offering in the United States.
• Underwriters: Syndicate led by RBC Capital Markets, CIBC Capital Markets, National Bank Capital Markets, and TD Securities Inc.
• Share Quantity: 5,530,000 common shares.
• Price: $141 (U.S.) per share.
• Gross Proceeds: Approximately $780 million (U.S.).
• Over-Allotment Option: Underwriters granted an option to purchase up to an additional 829,800 common shares at the offering price, exercisable within 30 days of closing, for potential additional gross proceeds of approximately $117 million (U.S.).
• Listing Information:
  • NYSE: Symbol BGSI; trading expected to commence October 31, 2025.
  • TSX: Symbol BYD (continues to trade).
• Use of Proceeds:
  • Primary: Partially finance the acquisition of Joe Hudson's Collision Center (provider of automotive collision repair services).
  • Alternative: If the acquisition is not completed, reduce outstanding indebtedness, finance future growth opportunities/acquisitions, or for other general corporate purposes.
• Closing Conditions: Expected to close on or about November 4, 2025, subject to customary conditions including TSX and NYSE approvals. The offering closing is not conditional on the acquisition closing.
• Regulatory Filings:
  • Preliminary prospectus supplement filed with the SEC (Form F-10) and Canadian securities regulatory authorities.
  • Base shelf prospectus filed with Canadian authorities on October 14, 2025.
  • Final prospectus supplements to be filed with the SEC and Canadian authorities.

Notable Quotes

• No direct quotes from executives were included in the provided text.