Welcome to our dedicated page for Driven Brands Holdings news (Ticker: DRVN), a resource for investors and traders seeking the latest updates and insights on Driven Brands Holdings stock.
Driven Brands Holdings Inc. (NASDAQ: DRVN) generates frequent news as a large automotive services company headquartered in Charlotte, North Carolina. As the company describes itself, it is the largest automotive services company in North America, with thousands of locations across the United States and other countries. News related to Driven Brands often reflects developments across its portfolio of brands, including Take 5 Oil Change, Meineke Car Care Centers, Maaco, 1-800-Radiator & A/C, Auto Glass Now, and CARSTAR.
On this page, readers can follow coverage of Driven Brands’ earnings releases, where the company reports revenue, system-wide sales, same-store sales trends, segment performance, and non-GAAP metrics such as Adjusted EBITDA and Adjusted EPS. These updates frequently highlight the performance of key segments like Take 5 and Franchise Brands, as well as progress on same-store sales growth and net store growth.
News items also include corporate strategy announcements, such as the definitive agreement to divest IMO, the international car wash business, to Franchise Equity Partners. Such transactions are presented by the company as steps to simplify its portfolio, reduce leverage, and concentrate on core North American operations. Additional coverage may focus on capital markets activity, including whole business securitization issuances and related refinancing of existing debt.
Governance and leadership changes are another recurring theme in Driven Brands news. Examples include the appointment of an Executive Vice President and Chief Operating Officer and the election of independent directors to the Board and Audit Committee. Conference participation announcements, such as appearances at global consumer and retail conferences, also provide insight into how management communicates its strategy to the investment community.
Investors, analysts, and observers can use this news feed to monitor Driven Brands’ operational updates, portfolio moves, financing activities, and leadership developments over time.
Driven Brands Holdings (NASDAQ: DRVN) will announce its third quarter 2021 financial results on October 27, 2021, before the market opens. A conference call to discuss the results will follow at 9:00 a.m. ET, accessible via live webcast on the company's Investor Relations website. A replay of the webcast will be available until February 15, 2022. Driven Brands, based in Charlotte, NC, is the largest automotive services company in North America, operating over 4,300 centers and generating more than $1 billion in revenue.
Driven Brands Holdings (NASDAQ: DRVN) has appointed Matt Meier as EVP, Chief Digital and Data Officer. This new role aims to enhance the company’s digital and data strategies, leveraging insights for growth. Meier, with over 25 years of experience, previously worked at Whirlpool, advancing IoT capabilities and digital platforms. His focus will be on utilizing Driven's extensive data and analytics to drive innovation in the automotive aftermarket sector. Driven Brands, with over 4,300 locations, serves more than 50 million vehicles annually and generates over $1 billion in revenue.
Driven Brands Holdings announced the successful closing of a $450 million offering of Series 2021-1 Fixed Rate Senior Secured Notes, Class A-2. The notes were issued at a coupon rate of 2.791% with a seven-year term, improving the average fixed coupon on their asset-backed notes to 3.71%. Proceeds will cover transaction costs and support corporate goals, including repaying revolving credit. The notes received ratings of BBB from Kroll and BBB- from S&P. This issuance marks Driven Brands’ ninth securitization, demonstrating continued growth in its financial strategy.
Driven Brands Holdings announced that CEO Jonathan Fitzpatrick and CFO Tiffany Mason will present at the Goldman Sachs 28th Annual Global Retailing Conference on September 9, 2021, at 4:10 PM ET. The presentation will be available via webcast on the company's Investor Relations website, with a replay accessible until October 8, 2021. Driven Brands is the largest automotive services company in North America, operating over 4,300 locations and servicing more than 50 million vehicles annually, generating over $1 billion in revenue with $3 billion in system-wide sales.
Driven Brands Holdings announced the pricing of a secondary public offering of 12 million shares of common stock at $29.50 per share, by Selling Stockholders, Driven Equity LLC and RC IV Cayman ICW Holdings LLC. The Selling Stockholders have granted a 30-day option for underwriters to purchase an additional 1.8 million shares. Driven Brands will not receive proceeds from this offering and remains under the control of the Selling Stockholders, who will hold approximately 65.4% of the company's outstanding shares post-offering.
Driven Brands announced a secondary public offering of 12 million shares of common stock by related entities of Roark Capital Management. Driven Brands will not sell any shares or receive proceeds from this offering. Following the offering, the Selling Stockholders will maintain a 65.4% ownership in Driven Brands, totaling at least 109 million shares. The offering includes a 30-day option for underwriters to purchase an additional 1.8 million shares. Major underwriters include Morgan Stanley, BofA Securities, Goldman Sachs, and J.P. Morgan.
Driven Brands (DRVN) reported a strong Q2 2021, achieving revenue of $374.8 million, up 123% year-over-year. System-wide sales reached $1.2 billion, a 65% increase, with a significant same-store sales growth of 38.7%. The company added 70 net new stores and reported net income of $35.2 million, marking a 1051% increase. Driven Brands raised its fiscal 2021 guidance, forecasting revenue of approximately $1.4 billion and adjusted EBITDA of $345 million, supported by ongoing growth in all segments.
Driven Brands (NASDAQ: DRVN) is set to release its Q2 2021 financial results on July 28, 2021, before the market opens. A conference call will follow at 9:00 a.m. ET, available live on the company's Investor Relations webpage. A replay will be available until October 26, 2021. Driven Brands is North America's largest auto services company, managing over 4,200 centers across 15 countries and generating $1 billion in revenue.
Driven Brands Holdings Inc. (NASDAQ: DRVN) announced the acquisition of 18 Frank’s Car Wash Express stores in South Carolina, marking its largest tuck-in acquisition to date. This follows the recent acquisition of 10 Racer Classic Car Washes in Texas, bringing the total to 50 car washes acquired in 2021 alone. Since entering the car wash industry in August 2020, Driven Brands has acquired 67 car washes. The company operates nearly 1,000 locations across 14 countries and aims to leverage its growth strategy in the fragmented car wash market.
Driven Brands Holdings reported a first-quarter revenue of $329.4 million, up 83% from last year, with system-wide sales hitting $1.0 billion. The company achieved a 0.5% increase in same-store sales, driven by a strong performance in the Maintenance and Platform Services segments, which grew 16.5% and 22.0%, respectively. However, a net loss of $(19.9 million) was recorded due to a one-time debt extinguishment loss. Driven Brands raised its guidance for fiscal year 2021, projecting revenue of approximately $1.3 billion.