RECENT RELEASESHarvest Partners Sells Driven Brands
NEW YORK, NYAPRIL 21, 2015
Harvest Partners, a leading middle market private equity firm, announced today that it sold Driven Brands, the nation’s leading franchise automotive company, to an affiliate of Roark Capital Group (“Roark”). Jonathan Fitzpatrick, Driven Brand’s 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.
“We enjoyed working closely with CEO Jonathan Fitzpatrick and the Driven Brands executive team to grow and improve this exceptional franchising platform over the course of our ownership,” said Jay Wilkins, Senior Managing Director at Harvest Partners. Ira Kleinman, Senior Managing Director at Harvest Partners, added: “We are proud of the business we were able to build in partnership with a great group of franchisees who deliver the excellent service expected of these iconic brands.” Paige Daly, Managing Director of Harvest Partners said: “We expect Driven Brands will continue to flourish as it enters a new phase of its development in partnership with Roark, a firm we respect and admire.”
About Driven Brands
The Driven Brands family of automotive companies (www.drivenbrands.com) headquartered in Charlotte, NC, serves as parent company for several businesses including: MAACO®, Meineke Car Care Centers®, Merlin 200,000 Mile Shops, Econo Lube & Tune, Pro Oil, AutoQual®, Aero-Colours® and Drive N Style®. Founded in 1972, MAACO and Meineke Car Care Centers are two of the most iconic brands in the automotive industry and have become a staple in American culture. Driven Brands has more than 1,500 centers across the U.S. and Canada, which are 100 percent owned by franchisees. Combined, all businesses generate over $1 billion in system sales.
About Harvest Partners
Founded in 1981, Harvest Partners, LP is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest Partners focuses on acquiring profitable companies in the business services and consumer, healthcare services, industrial and energy services, and manufacturing and distribution sectors. This strategy leverages Harvest Partners’ 30 plus years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit www.harvestpartners.com
About Roark Capital Group
Roark focuses on consumer and business service companies with a specialization in franchised and multi-unit business models in the retail, restaurant, consumer and business services sectors. Since inception, Roark has acquired 42 franchise/multi-unit brands, which have generated $17 billion in annual system revenues from 20,000 locations in 50 states and 72 countries. Roark’s current brands include Anytime Fitness, Arby’s, Atkins Nutritionals, Batteries Plus Bulbs, Carl Jr.’s, Corner Bakery, FOCUS Brands (the owner of Auntie Anne’s Pretzels, Carvel Ice Cream, Cinnabon,
McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s), Hardee’s, Il Fornaio, Massage Envy, Miller’s Ale House, Money Mailer, Pet Valu, Primrose Schools, Waxing the City, and Wingstop. For more information please visit www.roarkcapital.com.
For Harvest Partners, LP
Senior Managing Director
Owen Blicksilver Public Relations, Inc.