Driven Brands Acquires Auto Glass Now for $170M
Jan. 5, 2022—Driven Brands Holdings has announced the expansion of its auto glass offerings with the acquisition of Auto Glass Now.
Auto Glass Now has more than 75 locations in the United States, according to a company press release. Driven Brands acquired AGN for approximately $170 million on December 30, 2021. As part of the transaction, the company incurred a $56 million transaction expense in the fourth quarter of fiscal 2021. The purchase price and transaction expense were funded with cash on hand.
AGN will be reported in Driven Brands’ Paint, Collision, and Glass segment. Fiscal 2021 revenue for AGN is expected to be approximately $85 million.
“Glass repairs are growing as a percentage of auto repairs and repair complexity is increasing due to the necessary calibration,” Michael Macaluso, EVP of Driven Brands and Group President, Paint, Collision, and Glass, said in a statement. “Glass presents another exciting opportunity to leverage our proven playbook of consistent and repeatable growth to continue capturing market share.”
Driven Brands first entered the glass business in Canada in 2019, and serves retail, insurance, and fleet customers. Driven Brands now operates over 300 glass locations in both the United States and Canada.
