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Driven Brands Holdings Inc. (NASDAQ: DRVN) is the largest automotive services company in North America, headquartered in Charlotte, NC. The company operates across four key verticals: repair & maintenance, paint & collision, distribution, and quick lube. Driven Brands is the parent company of some of the most recognized automotive aftermarket brands, including Meineke Car Care Centers, Maaco, CARSTAR, Take 5 Oil Change, 1-800-Radiator & A/C, and many others.
With over 4,900 locations across 14 countries, Driven Brands services more than 70 million vehicles annually. In 2023, the company reported a revenue of $2.3 billion, driven by strong execution in its Maintenance segment, particularly in its industry-leading Take 5 Oil Change business.
Recently, Driven Brands announced its financial results for Q3 2023, during which it delivered a revenue of $581.0 million, up 12% from the prior year. The company added 55 new stores and saw significant growth in its key performance indicators. However, it faced challenges in its Car Wash segment, which experienced an $851 million non-cash goodwill impairment. Despite these setbacks, Driven Brands remains focused on operational improvements and strategic growth initiatives.
Driven Brands is committed to enhancing shareholder returns. In August 2023, the company authorized a $50 million share repurchase program, reflecting its confidence in future growth. The company also maintains a robust liquidity position, ending Q3 with $386.8 million in total liquidity.
Recent Highlights:
- Q3 2023 revenue of $581.0 million, up 12% year-over-year.
- Added 55 new stores in Q3 2023.
- $851 million non-cash goodwill impairment in the Car Wash segment.
- $50 million share repurchase program initiated in August 2023.
- Total liquidity of $386.8 million as of Q3 2023.
For more information, visit www.drivenbrands.com.
Driven Brands (NASDAQ: DRVN) reported its fourth quarter and fiscal year 2024 results, with annual revenue increasing 2% to $2.3 billion, driven by 1% same-store sales growth and 4% net store growth. System-wide sales rose 4% to $6.5 billion. The company reported a net loss of $292 million ($1.82 per diluted share) for fiscal 2024, compared to a $745 million loss in 2023. Adjusted EBITDA grew 7% to $553 million, while Adjusted Net Income was $186 million ($1.14 per diluted share).
The company announced a definitive agreement to sell its U.S. car wash business to Whistle Express Car Wash. Take 5 Oil Change, Driven's flagship brand, delivered 16% revenue growth and 7% same-store sales growth for the year. The company also announced a CEO transition, with Daniel Rivera appointed as President and CEO effective May 9, 2025, while current CEO Jonathan Fitzpatrick will become Non-Executive Chair.
For fiscal year 2025, Driven Brands expects same-store sales growth of 1-3% and net store growth of approximately 175-200 locations.
Driven Brands (NASDAQ: DRVN) has announced that Chief Operating Officer Daniel Rivera will become President and CEO effective May 9, 2025, succeeding Jonathan Fitzpatrick who has served as CEO since 2012. Fitzpatrick will remain on the Board as Non-Executive Chair and serve as a senior advisor through 2025 to ensure a smooth transition.
Rivera joined Driven Brands in 2012 as Chief Information Officer and has held roles of increasing responsibility, including Meineke Brand President, President of Take 5 Oil Change, Group President of the Maintenance segment, and most recently as COO overseeing all business segments.
The appointment follows a comprehensive succession planning process led by the Board's Nominating & Corporate Governance Committee. Under Fitzpatrick's leadership, Driven Brands grew from $38 million in Adjusted EBITDA in 2012 to over $550 million in 2024 and successfully completed its IPO. The Board will expand to 11 directors as part of the transition.
Driven Brands (NASDAQ: DRVN) has announced an agreement to sell its U.S. car wash business to Whistle Express Car Wash for $385 million. The transaction includes $255 million in cash and a $130 million interest-bearing seller note, with closing expected in Q2 2025.
According to Jonathan Fitzpatrick, President and CEO, this strategic divestiture will allow Driven Brands to reduce debt and enhance focus on its growing Take 5 Oil Change brand and stable franchise operations. The company plans to use proceeds primarily to pay down debt, working toward achieving 3x or less net leverage by the end of 2026.
The decision follows a strategic review of value-maximizing options for the U.S. car wash business. Driven Brands will provide additional information about the transaction and 2025 guidance during its fourth quarter and full year 2024 earnings call.
Driven Brands Holdings (NASDAQ: DRVN) has announced it will release its fourth quarter and year-end 2024 earnings report before market opening on February 25, 2025. The company's management will host a conference call at 8:30 a.m. ET on the same day to discuss financial and operating performance. Investors can access the webcast through the company's Investor Relations website at investors.drivenbrands.com. A replay of the call will remain available for a minimum of three months.
Driven Brands Holdings (NASDAQ: DRVN) has announced its participation in the Morgan Stanley Global Consumer & Retail Conference in New York. The company's fireside chat is scheduled for December 4, 2024, at 11:00 a.m. ET. The event will be webcast live on the company's Investor Relations website and remain available for replay for at least 30 days.
As North America's largest automotive services company, Driven Brands operates over 5,100 locations across 14 countries, serving approximately 70 million vehicles annually. The company's network, which includes brands like Take 5 Oil Change, Meineke, and Maaco, generates about $2.3 billion in annual revenue from $6.4 billion in system-wide sales.
Driven Brands Holdings (NASDAQ: DRVN) reported Q3 2024 results with revenue of $592 million, up 2% year-over-year, and system-wide sales of $1.6 billion. The company posted a net loss of $14.9 million ($0.09 per share), compared to a loss of $799.3 million in the prior year. Adjusted EBITDA grew 14% to $138.8 million. Take 5 Oil Change showed strong performance with 15% revenue growth and 5% same-store sales growth. The company achieved its net leverage target of 4.5x ahead of schedule and reaffirmed its FY24 outlook, expecting revenue of $2.33-2.43 billion and Adjusted EBITDA of $529-559 million.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced its plans to release third quarter 2024 earnings before the market opens on October 31, 2024. Following the release, the company will host a conference call at 8:30 a.m. ET to discuss its financial and operating performance. Investors and interested parties can access the live webcast of the conference call through Driven Brands' Investor Relations webpage at investors.drivenbrands.com. For those unable to attend the live event, an archived replay of the conference call will be made available on the same day and will remain accessible until at least February 28, 2025, via the company's Investor Relations webpage.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced the sale of its Canadian distribution business, primarily operated under the PH Vitres d'Auto brand, to PGW Auto Glass. The transaction, effective August 31, 2024, is expected to have minimal impact on the company's fiscal year 2024 outlook. Net proceeds will be used to pay down debt. The sale aligns with Driven Brands' active portfolio management strategy and is anticipated to be margin rate accretive. The Canadian distribution business was part of the Company's Platform Services segment. Driven Brands will provide further details and update its full-year outlook during the Q3 earnings call.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced its participation in the 31st Annual Goldman Sachs Global Retailing Conference in New York. The company's fireside chat is scheduled for September 5, 2024, at 1:50 p.m. ET. The event will be webcast live on Driven Brands' Investor Relations website and will be available for replay for at least 30 days.
Driven Brands is North America's largest automotive services company, offering a range of services including paint, collision, glass, vehicle repair, oil change, maintenance, and car wash. The company operates over 5,000 locations across 13 countries, servicing approximately 70 million vehicles annually. Driven Brands' network generates about $2.3 billion in annual revenue from approximately $6.4 billion in system-wide sales.
PARC Auto, backed by Kian Capital, has become the largest Meineke franchisee in just over a year since its formation. The company has expanded from 15 to 35 locations through new store openings and acquisitions, entering markets in Florida, Indiana, Texas, and Oregon. PARC Auto recently received the Growth Award at the annual Meineke Conference.
The company has strengthened its executive team with the addition of Russ Bowling as Chief Operating Officer, complementing the recent appointments of Don Hill as CEO and Tara Simecek as CFO. PARC Auto plans to continue its growth strategy, focusing on building density in target markets and maintaining high-quality service standards.
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