Boyd Group Services (BYD) is one of North America’s largest collision repair center operators in terms of both its scale of operations and revenues. BYD has a strong history of revenue growth, profitability, successful acquisitions, and creating shareholder value. It is a high-quality business that continues to add new locations to its network and act as an industry leader in the auto collision repair space. While not cheap, it trades at a fair valuation today, and the company is a strong Canadian name. We are maintaining our rating of ‘B+’.

PRMW is a leading North American-focused water solutions provider with a highly predictable, recurring revenue business model due to stable demand. Water production and distribution is a commodity product. We think the investment thesis in PRMW as a stable dividend grower remains intact. We are maintaining our rating at “B+”.

Stella-Jones (SJ) is North America’s leading producer of pressure-treated wood products. We think that the identified tailwinds related to increased investment in infrastructure from both the public and private sector will be a significant catalyst for the company’s future growth. In particular, the utility pole and railway ties subsegments will be leading the way. While sales growth may not be high, the company’s acquisitive nature and ability to return capital to shareholders continues to make SJ a strong investment. We are maintaining our rating of an ‘A-.’