Driven Brands Caps Record-setting IPO, Buys 100th Car Wash | Dealmakers



CFO Tiffany Mason recruited 16 execs to help manual Driven Brands’ IPO.

Driven Brands’ explosive original public offering with Roark Funds exiting was the fruits of a multi-calendar year system. Right after signing up for the workforce as CFO in March 2020, Tiffany Mason right away began drafting Type S-1, the original registration kind the Securities and Trade Fee demands public firms to file. Then, the pandemic strike and popular continue to be-at-home orders took spot.

Driven Manufacturers, which is headquartered in Charlotte, North Carolina, is the most significant automotive aftermarket services corporation in North The us and has a lot more than 4,300 locations in 15 nations around the world, which generates somewhere around $4 billion in systemwide profits.

Pushed saved its S-1 filing timeline intact since it wanted to be well prepared to consider the organization general public when the region reopened, Mason reported, “so it wasn’t us not being all set, it was the market place not getting ready that was going to delay us. We kept heading irrespective of what was occurring just to make absolutely sure.”

Mason recruited 16 skilled executives from publicly traded firms to manage the IPO and make sure compliance with all restrictions. The business also applied the COVID pause to seize the chance to enter the vehicle clean enterprise in August 2020, and acquired its 100th motor vehicle wash, subscription-centered Magic Tunnel Vehicle Wash, in tumble of 2021.

“Buying a auto wash organization in the middle of 2021 established us up for an IPO valuation that was considerably a lot more fruitful, and we utilized each bit of delays and marketplaces staying ceased to our advantage,” Mason claimed. The motor vehicle clean business enterprise also bolstered the company’s over-all development, which achieved about $1.08 billion in overall income in the 1st a few quarters of 2021—a 75 % maximize calendar year about calendar year.

Driven Brand names finished its IPO on January 14, 2021, of 31.8 million shares on Nasdaq beneath the ticker DRVN at $22 per share—19 percent increased than the preliminary variety of $17 to $20. Driven lifted $700 million and was the only retail IPO around $500 million to selling price $2 higher than the array in Wall Avenue history, and the optimum file-to-provide of any shopper and retail IPO in excess of $500 million, according to Lender of The us, bookrunner on the deal.


Jonathan Fitzpatrick

Inside 30 times soon after the IPO, underwriters exercised an overallotment option for an added 4.8 million shares. As of late March, Driven’s stock rate was $26.93 per share and its marketplace capitalization was $4.51 billion.

Jonathan Fitzpatrick, Pushed Makes CEO, recalled, “I assume we were about a week away from commencing our roadshow when the terrible incident at the capitol occurred, January 6, which established the marketplaces into turmoil. The team allow by Tiffany and some others in Pushed did a phenomenal position managing plenty of micro circumstances.”

When requested how heading community has modified what he can and cannot share about Driven Brands, Fitzpatrick laughed. “I’m in all probability muzzled a minimal bit far more than I was prior to,” he admitted. “I’m ordinarily fairly open and transparent around all points in the corporation, and have been for the prior 10 years, but these are the principles of engagement … I have to be a small much more disciplined in what I speak about, and continue to try to do it with enthusiasm, vitality and as considerably transparency as possible.”

“The IPO was type of like a wedding day,” Mason additional. “It’s a place in time, but what takes place just after that is what definitely matters. We celebrated like we really should, but know we’ve received to continue to deliver each and every quarter and put up great effects, grow, construct believability and serve our shareholders.”


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