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C.W. Downer & Co. Advises Glass America on Transaction With Boyd Group Subsidiary Gerber Glass

Creates the second largest retail auto glass replacement business in America

BOSTON, July 1, 2013 – C.W. Downer & Co., a leading global middle-market investment bank, is pleased to announce that a majority interest in Glass America, Inc., a portfolio company of Founders Equity and Main Street Resources, has been acquired by Gerber Glass, a subsidiary of The Boyd Group of Canada, through the contribution of both companies' glass replacement operations to a newly formed entity. The deal closed on May 31, 2013.

Founded in 1999 and headquartered in Chicago, IL, Glass America operated 61 retail auto glass locations across 23 states with a service area covering almost 40% of the US population. The company's contributed operations offer OEM windshield glass replacement service, auto windshield repair service and auto glass replacement service for door, quarter, vent and back glass. The transaction with Gerber Glass will increase the coverage area of the combined business to 28 US states and just under 50% of the population. Mr. Eddie Cheskis, CEO of Gerber Glass, will lead the combined company which will operate under the Glass America name.

Boyd is the largest operator of collision repair centers in North America. Brock Bulbuck, President and CEO of Boyd, said in a company statement, "The automotive glass restoration business is a natural and complimentary extension of our industry leading collision repair business. This retail expansion, in combination with our already established nationwide auto glass network, Gerber National Glass Services, significantly improves our positioning with US insurance company customers. Financially, we expect this acquisition to be immediately accretive to our earnings and cash flow, with significant synergy opportunities available over time as the Glass America operations are integrated into Gerber Glass's operating model."

"We are very pleased to have assisted the shareholders of Glass America with this transaction," said Paul Colone, Managing Director & Partner with C.W. Downer & Co. "Our private equity clients were seeking a transaction whereby they could participate in future revenue and earnings growth. Several industry participants expressed strong interest in joining forces with Glass America and our client determined that combining with The Boyd Group and the experienced team at Gerber Glass provided the best opportunity for value creation."

"This transaction illustrates our ability to present our clients with several attractive options ranging from a traditional sale to other strategically compelling arrangements," said Wade Aust, Managing Director & Partner with C.W. Downer & Co. "We wish the new Glass America well as it moves forward as the second largest auto glass repair and replacement business in the United States," he concluded.

The C.W. Downer & Co. team assisting Glass America with the transaction included Mr. Colone (Managing Director & Partner), Mr. Aust (Managing Director & Partner), Christopher Donegan (Director) and Ivana Mastilovic (Analyst).

About C.W. Downer & Co.

C.W. Downer & Co. is an independent, global investment bank offering middle-market clients a high level of personal attention coupled with 38 years of international execution experience. We provide insight, not just information. We generate value, not just transactions. With nine fully integrated offices on four continents, we consistently identify the most appropriate strategic buyer and uncover “hidden” acquisition targets. C.W. Downer & Co. delivers the reach of a bulge-bracket investment bank with the senior level focus of a boutique. For more information, visit http://www.cwdowner.com.

For Further Information:

Paul Colone, Managing Director & Partner
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Wade Aust, Managing Director & Partner
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Patti Allan, Marketing Director
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C.W. Downer & Co.
+1 617 482 6200

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