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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 announced a secondary public offering of 12 million shares of common stock by related entities of Roark Capital Management. Driven Brands will not sell any shares or receive proceeds from this offering. Following the offering, the Selling Stockholders will maintain a 65.4% ownership in Driven Brands, totaling at least 109 million shares. The offering includes a 30-day option for underwriters to purchase an additional 1.8 million shares. Major underwriters include Morgan Stanley, BofA Securities, Goldman Sachs, and J.P. Morgan.
Driven Brands (DRVN) reported a strong Q2 2021, achieving revenue of $374.8 million, up 123% year-over-year. System-wide sales reached $1.2 billion, a 65% increase, with a significant same-store sales growth of 38.7%. The company added 70 net new stores and reported net income of $35.2 million, marking a 1051% increase. Driven Brands raised its fiscal 2021 guidance, forecasting revenue of approximately $1.4 billion and adjusted EBITDA of $345 million, supported by ongoing growth in all segments.
Driven Brands (NASDAQ: DRVN) is set to release its Q2 2021 financial results on July 28, 2021, before the market opens. A conference call will follow at 9:00 a.m. ET, available live on the company's Investor Relations webpage. A replay will be available until October 26, 2021. Driven Brands is North America's largest auto services company, managing over 4,200 centers across 15 countries and generating $1 billion in revenue.
Driven Brands Holdings Inc. (NASDAQ: DRVN) announced the acquisition of 18 Frank’s Car Wash Express stores in South Carolina, marking its largest tuck-in acquisition to date. This follows the recent acquisition of 10 Racer Classic Car Washes in Texas, bringing the total to 50 car washes acquired in 2021 alone. Since entering the car wash industry in August 2020, Driven Brands has acquired 67 car washes. The company operates nearly 1,000 locations across 14 countries and aims to leverage its growth strategy in the fragmented car wash market.
Driven Brands Holdings reported a first-quarter revenue of $329.4 million, up 83% from last year, with system-wide sales hitting $1.0 billion. The company achieved a 0.5% increase in same-store sales, driven by a strong performance in the Maintenance and Platform Services segments, which grew 16.5% and 22.0%, respectively. However, a net loss of $(19.9 million) was recorded due to a one-time debt extinguishment loss. Driven Brands raised its guidance for fiscal year 2021, projecting revenue of approximately $1.3 billion.
Driven Brands Holdings (NASDAQ: DRVN) is set to release its first quarter 2021 financial results on April 28, 2021, before market opening. The company will hold a conference call at 9:00 a.m. ET to discuss these results. Investors can access the live webcast on Driven Brands’ Investor Relations webpage, with a replay available until July 27, 2021. Driven Brands is North America's largest automotive services company, operating over 4,200 centers across 15 countries and servicing over 50 million vehicles annually, generating $900 million in revenue from more than $3 billion in system-wide sales.
Driven Brands Holdings reported strong financial results for Q4 and the fiscal year 2020. System-wide sales reached $935.1 million, a 24% increase, driven by 36% net store growth despite a 3.4% decline in same-store sales. Revenue surged to $288.5 million, up 58% year-over-year. The fiscal year saw system-wide sales of $3.4 billion, a 16% increase, with revenue hitting $904.2 million. The company reported a Q4 loss per share of $(0.06), while adjusted EPS was $0.01. Looking ahead, Driven Brands targets low-double-digit revenue growth and positive same-store sales growth for fiscal year 2021.
Driven Brands Holdings (NASDAQ: DRVN) will announce its fourth quarter and fiscal year 2020 financial results on March 10, 2021. The announcement will precede a conference call at 9:00 a.m. ET to discuss the results, available via live webcast on the company’s Investor Relations webpage. Driven Brands is North America's largest automotive services provider, operating over 4,100 centers and servicing 50 million vehicles annually, generating approximately $900 million in revenue from over $3 billion in system-wide sales.
Driven Brands Holdings has priced its initial public offering (IPO) at $22.00 per share, offering 31,818,182 shares. The company, the largest automotive services provider in North America, is set to start trading on Nasdaq under the symbol 'DRVN' on January 15, 2021. Driven Brands plans to utilize IPO proceeds to fully repay existing debt and cover offering expenses. An additional 4,772,727 shares may be purchased by underwriters within 30 days. The IPO is expected to close on January 20, 2021, pending standard closing conditions.
Driven Brands Holdings has launched a roadshow for its proposed initial public offering (IPO). The company plans to offer 38,000,000 shares at an estimated price between $17.00 and $20.00 per share. Driven Brands, the largest automotive services firm in North America, serves consumer and commercial markets with a range of services including vehicle repair and maintenance. Proceeds from the IPO will be used to repay outstanding debts. Additionally, the underwriters have a 30-day option to purchase an extra 5,700,000 shares.
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