Roark Capital Acquires Driven Brands
After word leaked that it was exploring a sale in January, Driven Brands, the owner of automotive franchise brands including MAACO and Meineke Car Care Centers, has been acquired by Roark Capital Group of Atlanta. Driven Brands' Chief Executive Officer, Jonathan FItzpatrick, will continue to lead the company, which will remain headquartered in Charlotte, N.C.
The purchase dramatically expands Roark's stable of franchised brands, which includes Arby's, Seattle's Best Coffee, Massage Envy Spa, Anytime Fitness, Cinnabon, Auntie Anne's, Corner Bakery Cafe, Wing Stop, Batteries Plus Bulbs and Hardee's/Carl's Jr., among others.
Including MAACO and Meineke, Driven Brands includes Merlin 200,000 Mile Shops, Drive N Style, Econo Lube & Tune, Aero-Colours, AutoQual, Pro Oil Change and America's Service Station. The brands generate a combined $1 billion in revenue through its 1,500 locations in 50 states and two countries.
With its newly expanded portfolio, Roark now has 42 multi-unit brands generating approximately $17 billion in revenue through a total of 20,000 locations in 50 states and 72 countries.
“This is an exciting day for Driven Brands and our family of franchisees,” said Fitzpatrick. “Roark Capital brings us deep experience investing in growth consumer and franchise businesses, and their understanding of the importance of the franchisor-franchisee relationship makes them the right investment partner for all of our stakeholders.”
“We are very excited to welcome Driven Brands to the Roark Capital family,” said Neal Aronson, managing partner of Roark Capital. “We have great admiration for the franchisees who have made these iconic brands so successful, and are thrilled to contribute to their future growth.”