Driven Brands Announces Acquisition of International Car Wash Group
With the addition of ICWG, Driven is now the largest automotive aftermarket services company by location count in North America.
CHARLOTTE, N.C. (PRWEB) August 05, 2020 - Driven Brands (“Driven”) announced its acquisition of International Car Wash Group (“ICWG”) has been completed.
With the addition of ICWG, Driven now encompasses more than 4,000 locations across 15 countries and approximately $3.8 billion in annual system-wide sales, making it the largest automotive aftermarket services company by location count in North America. Driven is a portfolio company of Roark Capital and has completed more than 35 acquisitions over the past five years. In addition to ICWG, Driven’s portfolio includes Take 5 Oil Change, Meineke Car Care Centers, Automotive Training Institute, Maaco, CARSTAR, ABRA, Uniban, 1-800-Radiator & A/C and PH Vitres d’Autos.
“We are excited to officially welcome ICWG to our growing family of brands,” said Jonathan Fitzpatrick, Chief Executive Officer of Driven Brands. “The team at ICWG should be incredibly proud of the company they’ve helped create, and we look forward to building on their success and accelerating long-term growth at ICWG.”
Gabe Mendoza has been named President of ICWG North America, and Tracy Gehlan will be joining Driven as President of ICWG International.
Morgan Stanley & Co. LLC served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and DLA Piper LLP served as legal advisors to Driven in this transaction. Goldman Sachs & Co. LLC served as financial advisor and White & Case LLP and Faegre Drinker Biddle & Reath LLP served as legal advisors to ICWG.
About Driven Brands
Driven Brands™, headquartered in Charlotte, NC, is the parent company of some of North America’s leading automotive service brands including Take 5 Oil Change®, Meineke Car Care Centers®, Automotive Training Institute™, Maaco®, CARSTAR®, ABRA®, Uniban™, 1-800-Radiator & A/C® and PH Vitres d’Autos™. As a result of the ICWG acquisition, Driven Brands has more than 4,000 centers across 15 countries, and combined, all businesses generate approximately $3.8 billion in system-wide sales and service over 50 million vehicles annually.
Roark focuses on investing in the consumer and business services sectors, with a specialization in franchised and multi-unit businesses. Since inception, affiliates of Roark have invested in 77 franchise/multi-unit brands, which collectively generate $41 billion in annual system revenues from 39,000 locations in 50 states and 81 countries.
SOURCE Driven Brands
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