AutoCanada said last week that its board has initiated a strategic review of the company’s collision operations.

A special committee of independent directors will analyze and evaluate various “strategic alternatives intended to maximize value for AutoCanada and its shareholders and to support the continued growth of its collision operations,” the dealer group said in a news release.

Those options could include, but are not limited to, a separation of the collision operations from AutoCanada and a potential sale of some or all of the collisions business.

AutoCanada’s board indicates the “value and growth potential of the Company’s Collision Operations may not be fully reflected in AutoCanada’s current public market valuation.”

CEO Samuel Cochrane said in the release, “AutoCanada’s Collision Operations has reached a scale that provides a strong foundation for continued organic growth and acquisitions. With a substantial pipeline of opportunities ahead, we are exploring how to best unlock embedded value for AutoCanada shareholders and position the Collision Operations to accelerate growth.”

In other news from the dealer group, former executive chairman Paul Antony announced Monday he acquired 20,000 common shares of the company on Friday through the Toronto Stock Exchange at $23.0695 per share, an aggregate consideration of $461,390 excluding commissions.

Antony acquired the shares through his holding company, MAP Investco Inc.

With the purchase Antony and his joint actors own 1,962,930 common shares of AutoCanada options to purchase 1.5 million common shares, representing roughly 14.31% of the outstanding common shares on a partially diluted basis, assuming the options are exercised.

The company further noted: “Immediately before the acquisition, Mr. Antony, together with his joint actors, beneficially owned and exercised control or direction over an aggregate of 1,942,930 Common Shares and Options to purchase 1,500,000 Common Shares, representing approximately 14.23% of the outstanding Common Shares on a partially diluted basis (assuming the exercise of the Options).

“These 1,942,930 Common Shares include those acquired by Mr. Antony in connection with the transactions announced by AutoCanada on December 27, 2023, which resulted in Mr. Antony increasing the Common Shares he owns and exercises control or direction over from 814,800 to 1,553,452 through market purchases from March to September 2024,” they added. “These share acquisitions represented an increase from approximately 7.39% in March 2024 to approximately 10.51% in September 2024 of the outstanding Common Shares owned and controlled or directed by Mr. Antony on a partially diluted basis (assuming the exercise of Mr. Antony’s Options).”

The company added that Antony made the acquisition of common shares for investment purposes.

He and his joint actors, “have the current intention to acquire additional Common Shares and to exercise their Options to acquire Common Shares. Mr. Antony and his joint actors will review their investment in AutoCanada on a continuing basis and may, depending on various factors, acquire additional securities of AutoCanada, dispose of securities of AutoCanada, engage with the board of directors and management of AutoCanada, make proposals privately to AutoCanada or participate in transactions involving AutoCanada. Mr. Antony and his joint actors may change their plans or intentions at any time and from time to time without prior notice, subject to applicable law.”