Wednesday, 26 February 2014 01:39

Boyd Group Restructures Paint Supplier Agreement

Boyd Group Income Fund says it has now entered into a letter of intent with its existing paint supplier for a new or amended agreement, Canada Collision Repair Magazine has reported. Under the new or amended agreement, Boyd will continue to benefit from a back-end purchase discount structure that was put in place as part of the amendment and restructuring of its paint supply agreement in October 2013. “We are pleased to have taken the next step towards finalizing a new long-term paint supply arrangement that better reflects our current size, purchasing scale, and access to capital, as well as changing paint market conditions,” said Brock Bulbuck, president and CEO of the Boyd Group. “Under the new arrangement, we will continue to benefit from the accretive nature of the higher, market-driven, back-end purchase discounts achieved by amending and restructuring our previous arrangement last October. We are also very pleased to be able to continue to work with our incumbent paint supplier, who has been a valued business partner since 2006.”