Boyd Group Services Inc. has announced a new five-year strategic plan aimed at expanding market share and increasing profitability through 2029.
The Canadian firm, which operates auto body and glass repair centres across North America, is planning to reach $5 billion in revenue by 2029, through same-store sales growth, acquisitions and new shop openings. It also plans to achieve a 15% annual adjusted EBITDA growth, reaching $700 million by the same year.
Boyd aims to hold the number 1 or number 2 position in all the markets that it is serving, leveraging strong free cash flow and a $1.5 billion growth fund for acquisitions. The company expects single-shop, multi-location and greenfield expansions to drive growth, with larger acquisitions providing potential upside.
Aside from growth targets, the company also aims to achieve $100 million in annual cost savings via operational efficiencies under its Project 360.
The project, launched late last year with a global consulting firm, is expected to streamline operations, improve procurement and enhance store profitability. The initiative is expected to cut costs by $100 million annually, boosting margins while requiring an upfront investment of $20 million to $23 million.
The ambitious plan shortly follows Boyd’s leadership change. Last December, the company announced that Timothy O’Day would step down as chief executive, effective May 14. He will be succeeded by Brian Kaner, who currently serves as president and COO.
Kaner previously served as CEO and president of Pep Boys & Icahn Automotive Services as president of Sears Auto Centers.
O’Day will remain with the company in an advisory role through the end of 2025.
