More on Driven Brands' $100M IPO
Dec. 29, 2020—Driven Brands Holdings Inc. last week filed forms with the federal Securities and Exchange Commission for a $100 million initial public offering.
A spokesperson for the company, under which a number of automotive industry brands (including Meineke, Merlin 200,000 Miles, Take 5 Oil Change, Carstar, and Maaco) operate, confirmed the filing though declined to comment further noting that the IPO is not guaranteed to go through.
Per the S-1 filing, Driven Brands sees opportunity in what it calls "the large, recession-resistant and highly fragmented automotive industry with long-term growth trends." The company operates some 4,100 location in 49 states and in 14 countries. More than 2,500 of those locations are franchises.
Driven Brands' network in 2019 brought in $600 million in revenue from about $3 billion in system-wide sales, per the filing.