Business
Driven Brands Announces the Sale of its Canadian Distribution Business
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Driven Brands Holdings Inc. (NASDAQ: DRVN) ("Driven Brands" or the "Company"), the largest automotive services company in
About this update from Driven Brands Holdings Inc.
[{"type":"text","content":" CHARLOTTE, N.C.--(BUSINESS WIRE)--\nDriven Brands Holdings Inc. (NASDAQ: DRVN) (\"Driven Brands\" or the \"Company\"), the largest automotive services company in North America, today announced the sale of its Canadian distribution business, primarily operated under the PH Vitres d’Auto brand (“PH”), to PGW Auto Glass, a leading North American glass distributor, effective August 31, 2024. Terms of the transaction are not being disclosed.\n\n\nThe Canadian distribution business was reported in the Company’s Platform Services segment. Net proceeds from the transaction generally will be used to pay down debt. The sale is expected to have minimal impact on the Company’s fiscal year 2024 outlook. The Company will provide further details on its third quarter earnings call.\n\n\n“I want to thank Richard Jutras, President of PH, and the entire team at PH for being great partners over the last five years. We are confident that the business will continue to perform well under its new ownership,” said Jonathan Fitzpatrick, President and Chief Executive Officer.\n\n\nMike Diamond, EVP and Chief Financial Officer added, “Driven Brands is committed to our active portfolio management strategy. Although the sale of PH will have limited impact on the Company’s financials, this transaction will reduce debt and be margin rate accretive. We will provide further details and update our full-year outlook based on the disposition during our Q3 earnings call.”\n\n\nAbout Driven Brands\n\n\nDriven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America's leading automotive service businesses including Take 5 Oil Change®, Take 5 Car Wash®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, Auto Glass Now®, and CARSTAR®. Driven Brands has more than 5,000 locations across 13 countries, and services over 70 million vehicles annually. Driven Brands' network generates approximately $2.3 billion in annual revenue from more than $6.4 billion in system-wide sales.\n\n\nDisclosure Regarding Forward-Looking Statements\n\n\nThis press release contains forward-looking statements within the meaning of the P...