M&A - Driven Brands Holdings Inc.

Form Type: 10-K

Filing Date: 2025-02-26

Corporate Action: Acquisition

Type: Update

Accession Number: 000180474525000010

Filing Summary: Driven Brands Holdings Inc. has reported its operational strategies and financial performance for the fiscal year ending 2024. The report outlines key acquisitions aimed at expanding its service offerings, particularly in the car wash and collision repair sectors. It features detailed analyses of its franchise and company-operated locations, emphasizing growth in sales and brand expansion. Financial metrics indicate significant income growth and asset allocations, particularly related to debt management and investments in physical assets like equipment and facilities. Furthermore, Driven Brands has also detailed its strategies in response to market fluctuations and pending capital expenditures that are anticipated to strengthen its operational capacity and overall market position.

Form Type: 8-K

Filing Date: 2025-02-25

Corporate Action: Acquisition

Type: New

Accession Number: 000180474525000005

Filing Summary: Driven Brands Holdings Inc. announced the execution of a stock purchase agreement on February 24, 2025, for the sale of its U.S. car wash business to Express Wash Operations, LLC for an aggregate purchase price of $385 million, subject to customary adjustments. The completion of the transaction is conditioned upon the expiration of the Hart-Scott-Rodino Antitrust Improvements Act's waiting period and other standard closing conditions. The sale also involves seller financing through a promissory note of $130 million at varying interest rates over seven years. Failure to close the transaction by the required date may result in a termination fee of $30 million. Additionally, the former CEO, Jonathan Fitzpatrick, is set to step down on May 9, 2025, transitioning to a Non-Executive Chair of the Board, while Daniel Rivera is appointed as the new CEO. These changes are part of a strategy to facilitate future operational and leadership transitions as the company moves forward with its acquisition.