Driven Brands partners with Harvest Partners for company recapitalization
Dec. 27, 2011—Driven Brands Inc., the parent company of Maaco Collision Repair & Auto Painting, recently announced that private equity firm Harvest Partners is its new primary stakeholder under the company’s recapitalization effort.
Driven Brands said the recapitalization effort was timed to take advantage of historically low interest rates. That will allow Driven Brands to accelerate growth during a time when consumers and fleets are buying fewer new cars and extending the life of their vehicles with preventative maintenance, mechanical repairs, painting and body repairs.
Driven Brands said Kenneth Walker, the company’s chairman and CEO, will continue to lead its management team.
"Driven Brands leverages the growing foot traffic for its nationally recognized brands with a superior customer experience, which leads to an increase in repeat business and referrals,” said Ira Kleinman, senior managing director of Harvest Partners. “Their marketing approach and operational technology provides them with a distinct advantage to sustain their growth as well as take business from their competitors. We look forward to supporting Ken and the team with the financial and strategic resources that will take Driven Brands to a higher level."
Carousel Capital, which has invested in Driven Brands for the last three years, will remain invested in the company at a modest level, according to Driven Brands.
"We are very pleased with the performance of this investment and look forward to passing control over to Harvest Partners," said Jason Schmidly, managing partner of Carousel Capital. "Ken Walker and his management team will continue to do an outstanding job increasing the Driven Brands footprint in the highly fragmented auto aftermarket while delivering industry-leading organic growth."
In addition to Maaco Collision Repair & Auto Painting, Charlotte, N.C.-based Driven Brands is also the parent company of Meineke Car Care Centers, Econo Lube & Tune, AutoQual, Aero Colours & Drive N Style, and Tortal.net.
For more information, visit drivenbrands.com.