Roark Capital Group, an Atlanta-based private equity firm focused on franchise and consumer brands, announced today that its affiliate has acquired Driven Brands, the nation’s leading franchise automotive company, from Harvest Partners, LP (“Harvest”). Jonathan Fitzpatrick, Driven Brands’ Chief Executive Officer, will continue to lead the business and the Company will remain headquartered in Charlotte, N.C.
Driven Brands manages a family of automotive companies including MAACO®, Meineke Car Care Centers®, Merlin 200,000 Mile Shops®, Pro Oil Change®, Econo Lube & Tune, AutoQual®, Aero-Colours® and Drive N Style®. Collectively, the brands generate annual system revenues of approximately $1 billion through 1,500 locations in 50 states and 2 countries.
Roark Capital has acquired 42 multi-unit brands which generate annual system revenues of approximately $17 billion through 20,000 locations that operate in 50 states and 72 countries.
“This is an exciting day for Driven Brands and our family of franchisees,” said Jonathan Fitzpatrick, Driven Brands’ CEO. “Roark Capital brings us deep experience investing in growth consumer and franchise businesses, and their understanding of the importance of the franchisor-franchisee relationship makes them the right investment partner for all of our stakeholders.”
“We are very excited to welcome Driven Brands to the Roark Capital family,” said Neal Aronson, Managing Partner of Roark Capital. “We have great admiration for the franchisees who have made these iconic brands so successful, and are thrilled to contribute to their future growth.”
April 17, 2015