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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.