Toronto, Ontario -- August 16, 2019 -- On Tuesday, Bloomberg cited unidentified sources to report that Roark Capital may be considering selling Driven Brands for $2 billion next quarter.
At the time of purchase on April 2015, the Driven Brands franchise portfolio included a combined 1,500 shops distributed among several brands such as Maaco, Aero-Colours, AutoQual, Drive N Style, Econo Lube and Tune and Pro Oil Change.
Roark Capital purchased Driven Brands from Harvest Partners, another private equity firm, in 2015 for an undisclosed sum.
Since its purchase, Driven has expanded organically through several acquisitions, including CARSTAR in October 2015 and CARSTAR Canada in December 2015.
The acquisition of the CARSTAR brand increased Driven’s portfolio to 2,200 locations in the U.S. and Canada and yielded nearly $2 billion in annual store sales.