Boyd Group Services Inc. (BYD.TO)

Automotive repair company that is based in Winnipeg, but have now extensive operations in the US. As an auto body franchise, they contract with insurance companies. Gets a certain amount of business from insurance companies in the Midwest. With the severe weather this year, they should have a good quarter. Sold his holdings because valuations got really rich. Thinks there are some valuation concerns in the market right now on this.

Collision repair and consolidator. It is reliable because you have accidents in recessions and growth times. This company is consolidating but they also have insurance companies in their back pockets. Insurance companies actually drive business to them so that when they buy a new mom and pop collision center, they automatically increase the profitability of that shop.

(A top pick June 21/13. Up 22.3%.) Collision repair and auto glass. Still likes this a lot. They’ve raised some money and are accelerating their acquisition program.

Has no issue adding to one’s position right now in this one. Growing through acquisition.

Great business and great story. They have been consolidating and buying up small collision companies. Earnings continue to ramp up. Will continue to do very well. Never trades at a cheap valuation.

(A Top Pick June 8/12. Up 108.5%.) Just made a sizable auto repair shop acquisition and have moved into Michigan, which will give them another stage to continue to make acquisitions and consolidate. Lots of running room.

Was buying more when it dropped. Great company that is exposed to auto body repair. Great revenue sharing agreement with a paint supplier of theirs. Done extremely well over the years but never raised equity and continues to pay great dividends. Liquidity issue as it doesn’t trade a great deal of shares. Some investors may think they are exposed to Calgary flooding.

Auto collision repair. A big consolidator in the sector as well as in the glass repair business. Revenues have doubled in 3 years. Dividend keeps going up. Not expensive. Cash flow is starting to kick in. Thinks they are only just starting. Just made their 1^st purchase in Ontario. They know exactly what they are doing. 2% yield.

(A Top Pick March 9/12. Up 52.16%.) Purely a story on the consolidation of collision repair shops in North America. Majority of their business is now out of the US. Yield of 2.51%.

Done exceptionally well. Keep paying their dividend. Will continue to do accretive acquisitions.

Reasonable valuation. Has been some private equity buyouts. Growing by acquisition. Pays out a chunk of its cash flow so as it grows it will increase the dividend and they have been. It’s an industry that has not been consolidated at all. There is lots of expansion left for them. Comfortable with the 63% payout ratio.