Driven Brands Holdings, North America's largest automotive services company with more than 4,100 locations, announced terms for its IPO on Thursday.
The Charlotte, NC-based company plans to raise $703 million by offering 38 million shares at a price range of $17 to $20. At the midpoint of the proposed range, Driven Brands Holdings would command a fully diluted market value of $3.1 billion.
Through a portfolio of highly recognized brands, including Maaco and Meineke, Driven Brands has a growing and highly-franchised base of more than 4,100 locations across 49 states in the US and 14 countries internationally. Its platform provides a range of core consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance, and car wash. During the period from 2015 through 2019, Driven Brands grew its total store count at an 8% CAGR while also growing revenue at a 37% CAGR. Same store sales grew 4.2% annually during this period as well.
Driven Brands Holdings was founded in 1972 and booked $798 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol DRVN. Morgan Stanley, BofA Securities, Goldman Sachs, J.P. Morgan, Barclays, Credit Suisse, Baird, Piper Sandler and William Blair are the joint bookrunners on the deal. It is expected to price during the week of January 11, 2021.
