DRIVEN TO MARKET
Driven Brands, the owners of CARSTAR, Maaco, Meineke, Fix Auto USA and several other auto service companies, is looking to raise up to $760 million through an initial public offering (IPO)—which would value the company at about $3.4 billion (all figures in USD). Driven Brands plans to sell 38 million shares of its common stock, priced between $17 and $20 apiece, it said in a Thursday filing.
The company will list its shares on the Nasdaq under the ticker symbol ‘DRVN’. In 2019, private equity firm Roark Capital, which acquired Driven from Harvest Partners in 2015, was rumoured for sale at a price of $2 billion, according to a Bloomberg report.
FIX PHILANTHROPY
Fix Network and its strategic partners have raised $19,970 to support Ronald McDonald House Charities Canada (RMHC) and its programs aimed at helping families with sick children. Last month, Fix Network began a Canadian-wide initiative called Season of Giving, encouraging their strategic partners and staff to donate generously to RMHC’s 34 programs across Canada that provide support for families while their sick child is being treated at a nearby hospital.
Due to the pandemic, restrictions have been put in place and therefore Fix Network could not hold special outreach events or fundraisers to support its annual initiative. But, despite these challenges, the organization remained determined to support its charity of choice, RMHC Canada, and its families. Since 2016, Fix Network, it’s employees and partners have been closely associated with MHC Canada, contributing more than $250,000 over the past three years.
WÖRWAG IN THE BAG
International automotive coatings manufacturer PPG has acquired its German counterpart, Wörwag, announced in a press release on January 18. “Wörwag’s industry expertise in powder and liquid coatings for industrial and automotive applications is highly complementary to PPG’s business, and will help to further expand our product offering,” said PPG executive vice president Rebecca Liebert.
Wörwag started as a family business in Stuttgart, Germany in 1918, and as of 2020, employs about 1,100 people worldwide. The company has operations in the U.S., China, South Africa, Mexico, Spain, Switzerland and Poland. The transaction is expected to close in the first half of 2021, subject to customary closing conditions.
CALIBRATION COLLABORATION
AirPro Diagnostics and Car ADAS Solutions announced the establishment of a collaboration to deliver turn-key calibration solutions for shops to include set-up, training, implementation, support, and validation of calibration services. Whether shops want to become a retail calibration centre or calibrate the vehicles they currently repair, this partnership will deliver for collision repairers all across the U.S. and Canada.
While ADAS technology and properly repairing the calibrating vehicles has been a growing concern for the industry, AirPro and Car ADAS Solutions are the first in the industry to provide a complete solution for repairers to properly perform calibrations in-house.
Together AirPro and Car ADAS Solutions will assist shops in becoming ADAS calibration experts, by providing training and a network of experts to continuously support them along the way. As a result of this collaboration, AirPro will be the first remote diagnostic provider to offer a start to finish solution for ADAS calibrations to the industry as a whole.
GO FOR GROWTH
Lift Auto Group is pleased to announce it has raised an additional growth capital in support of expansion and new acquisition strategy for the foreseeable future. Lift Auto, a consolidator of Canadian collision repair centres, currently has 12 collision centres across British Columbia, Alberta, and Saskatchewan–11 of which are CSN Collision Centre locations. Bolstered by the recent capital raise, Lift Auto will execute on its strategy to expand its footprint across the rest of Canada.
PFM Capital Inc., on behalf of the APEX II Investment Fund Limited Partnership, Completed the strategic investment in Lift Auto, with the Canadian Business Growth Fund, a current investor, participating on a follow-on basis in continued support of Lift Auto. Financial terms were not disclosed. APEX III Investment Fund is a $94 million 2018-vintage private equity fund.
Mark Reineking
President and CEO of Lift Auto Group.
SUPPLIER CELEBRATIONS
Uni-Select announced the winners of the annual Canadian Automotive Group Awards for its top Canadian supply partners. This year, Uni-Select honoured Brake Parts as the recipient of the Diamond Award, the highest recognition granted to a supplier partner that excelled in their ability to provide both national and private branded products throughout the Uni-Select Canadian network, at all levels of distribution, from its distribution centres to automotive service providers.
Other suppliers recognized include: Golden Ally, Sales tools for independent jobbers and installers: Mevotech; Golden Ally, Marketing campaign of the year: Grote Industries; Golden Ally, Training and technical support: Gates Canada; Tech-Savvy Award: Dorman Products; Achiever, Automotive parts: CDN Energy and Power; Achiever, Paint and body equipment: ITW Evercoat; Achiever, and for Tools, and equipment: Milwaukee Tool.
