Driven Brands Files for Estimated $600 Million IPO

From BodyShop Business

Renaissance Capital has reported that Driven Brands Holdings, North America’s largest automotive services company with more than 4,100 locations, filed on Dec. 22 with the SEC to raise up to $100 million in an initial public offering. However, Renaissance, the global leader in providing pre-IPO institutional research and management of IPO-focused investment products says the deal size is likely a placeholder for an IPO they estimate could raise $600 million.

Through a portfolio of highly recognized brands, including Maaco, CARSTAR, ABRA and Fix Auto USA, Driven Brands has a growing and highly-franchised base of more than 4,100 locations across 49 states in the U.S. 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.

The Charlotte, N.C.-based company was founded in 2015 and booked $798 million in revenue for the 12 months ended Sept. 30, 2020, according to Renaissance Capital. It plans to list on the Nasdaq under the symbol DRVN.