Driven Brands Holdings Inc. - DRVN STOCK NEWS

Driven Brands Holdings (NASDAQ: DRVN) has expanded its auto glass services in the U.S. by acquiring Auto Glass Now (AGN) for approximately $170 million. AGN, an established player with over 75 locations, reported 2021 revenues of around $85 million with EBITDA margins of 25%. This strategic move taps into the growing $5 billion auto glass repair market, reflecting Driven Brands' commitment to evolving automotive services. The acquisition is expected to enhance market share and operational efficiency within the Paint, Collision, and Glass segment.

Driven Brands (NASDAQ: DRVN) will present at the Morgan Stanley Virtual Global Consumer & Retail Conference on November 30, 2021, at 12:10 PM ET. CEO Jonathan Fitzpatrick and CFO Tiffany Mason will lead the presentation, which will be accessible via the company's Investor Relations website. A replay will be available until December 31, 2021. Driven Brands is North America's largest automotive services provider, operating over 4,300 locations.

Driven Brands, based in Charlotte, NC, has achieved a significant milestone by acquiring its 100th car wash since entering the sector in August 2020. This expansion brings the total to over 300 car washes in the U.S., making Driven Brands the fastest-growing express conveyor car wash operator in North America. The latest acquisition, Magic Tunnel Car Wash, includes 16 sites across Ohio, West Virginia, and Georgia, enhancing its customer data strategy. Driven Brands aims to leverage cost synergies and its proven operational model to foster growth.

Driven Brands Holdings reported impressive Q3 2021 results with revenue reaching $371.1 million, a 39% increase from the prior year. System-wide sales totaled $1.2 billion, reflecting a 28% growth, while same-store sales surged 12.8%. The company added 53 net new stores, leading to a net income of $33.1 million, a remarkable 712% increase year-over-year. Adjusted EBITDA rose 42% to $98.0 million. Driven Brands has raised its FY 2021 guidance, expecting revenues of approximately $1.4 billion.

Driven Brands Holdings (NASDAQ: DRVN) will announce its third quarter 2021 financial results on October 27, 2021, before the market opens. A conference call to discuss the results will follow at 9:00 a.m. ET, accessible via live webcast on the company's Investor Relations website. A replay of the webcast will be available until February 15, 2022. Driven Brands, based in Charlotte, NC, is the largest automotive services company in North America, operating over 4,300 centers and generating more than $1 billion in revenue.

Driven Brands Holdings (NASDAQ: DRVN) has appointed Matt Meier as EVP, Chief Digital and Data Officer. This new role aims to enhance the company’s digital and data strategies, leveraging insights for growth. Meier, with over 25 years of experience, previously worked at Whirlpool, advancing IoT capabilities and digital platforms. His focus will be on utilizing Driven's extensive data and analytics to drive innovation in the automotive aftermarket sector. Driven Brands, with over 4,300 locations, serves more than 50 million vehicles annually and generates over $1 billion in revenue.

Driven Brands Holdings announced the successful closing of a $450 million offering of Series 2021-1 Fixed Rate Senior Secured Notes, Class A-2. The notes were issued at a coupon rate of 2.791% with a seven-year term, improving the average fixed coupon on their asset-backed notes to 3.71%. Proceeds will cover transaction costs and support corporate goals, including repaying revolving credit. The notes received ratings of BBB from Kroll and BBB- from S&P. This issuance marks Driven Brands’ ninth securitization, demonstrating continued growth in its financial strategy.

Driven Brands Holdings announced that CEO Jonathan Fitzpatrick and CFO Tiffany Mason will present at the Goldman Sachs 28th Annual Global Retailing Conference on September 9, 2021, at 4:10 PM ET. The presentation will be available via webcast on the company's Investor Relations website, with a replay accessible until October 8, 2021. Driven Brands is the largest automotive services company in North America, operating over 4,300 locations and servicing more than 50 million vehicles annually, generating over $1 billion in revenue with $3 billion in system-wide sales.

Driven Brands Holdings announced the pricing of a secondary public offering of 12 million shares of common stock at $29.50 per share, by Selling Stockholders, Driven Equity LLC and RC IV Cayman ICW Holdings LLC. The Selling Stockholders have granted a 30-day option for underwriters to purchase an additional 1.8 million shares. Driven Brands will not receive proceeds from this offering and remains under the control of the Selling Stockholders, who will hold approximately 65.4% of the company's outstanding shares post-offering.