Toronto, Ontario — Driven Brands Holdings, the owners of Carstar, Maaco, Meineke, Fix Auto USA and several other auto service companies, recently filed forms with the US Federal Securities and Exchange Commission for an estimated $100 million (all figures in USD) initial public offering. However, the deal size is considered a placeholder for an IPO that experts anticipate could raise as much as $600 million.
According to the filing, the Charlotte, North Carolina-based company operates more than 4,100 locations in the USA, Canada and 13 other countries. More than 2,500 of those locations are franchises. The prospectus states Driven Brands’ network in 2019 brought in $600 million in revenue from about $3 billion in system-wide sales.
Driven Brands is owned by subsidiaries of the private equity firm Roark Capital. In the prospectus, subsequent to the IPO Roark’s subsidiaries would still own more than half the company qualifying it as a “controlled company” under Nasdaq rules.
The company says in the filing that it intends to trade its shares on the Nasdaq Global Select Market under the ticker symbol DRVN.
The preliminary prospectus does not provide a date for going public nor the full amount of the offering. For purposes of estimating the fees for the filing, the company lists $100 million but IPO expert Renaissance Capital pegs the value at around $600 million.
The full prospectus outlining the financial details of the operations can be read and downloaded here.
