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. reports developments across its North American automotive services platform, including Take 5 Oil Change, Meineke, Maaco, 1-800-Radiator & A/C, Auto Glass Now, CARSTAR, Abra and Fix Auto USA. News commonly covers earnings updates, same-store sales, unit growth, franchise-brand activity, collision repair certifications, auto glass operations and changes to reportable segments.
The company’s recent corporate updates also include the completed sale of its international car wash business, updated segment reporting for Take 5, Franchise Brands and Auto Glass Now, and financial-reporting matters such as restatements, delayed periodic filings, Nasdaq compliance notices and securities litigation developments.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has completed the sale of its U.S. car wash business to Whistle Express Car Wash. The transaction includes approximately $255 million in cash and a $130 million negotiable interest-bearing seller note, subject to post-closing adjustments.
The company plans to use the cash proceeds to reduce debt, targeting a net leverage of 3x or less by the end of 2026. The U.S. car wash business results will be reported as discontinued operations in fiscal year 2025.
As of Fiscal Year 2024, Driven Brands operated 5,200 locations across 14 countries, servicing approximately 70 million vehicles. The network generated approximately $2.3 billion in annual revenue from $6.5 billion in system-wide sales.
Driven Brands Holdings (NASDAQ: DRVN) has announced a significant change in its segment reporting structure, effective Q1 2025. The new structure features Take 5 Oil Change as a standalone segment, highlighting its position as the company's primary growth driver. Additionally, the company has consolidated its franchise businesses into a single segment.
According to CFO Mike Diamond, this realignment better reflects their operational management and value creation drivers. The restructuring emphasizes Driven Brands' dual business model: growth through Take 5 Oil Change and free cash flow generation from franchise brands. The company has recast its quarterly segment financial information for fiscal year 2024 to align with the new structure, though this change does not affect consolidated historical U.S. GAAP financial results.
Driven Brands Holdings (NASDAQ: DRVN) has announced its participation in the Bank of America 2025 Consumer & Retail Conference in Miami. The company's fireside chat is scheduled for Tuesday, March 11, 2025, at 9:40 a.m. ET.
The event will be accessible through a live webcast on the company's Investor Relations website at investors.drivenbrands.com and will remain available for replay for at least 30 days following the presentation.
As North America's largest automotive services company, Driven Brands operates approximately 5,200 locations across 14 countries, serving around 70 million vehicles annually. The company's portfolio includes prominent brands such as Take 5 Oil Change, Meineke Car Care Centers, Maaco, and CARSTAR. The network generates approximately $2.3 billion in annual revenue from $6.5 billion in system-wide sales.
Driven Brands (NASDAQ: DRVN) reported its fourth quarter and fiscal year 2024 results, with annual revenue increasing 2% to $2.3 billion, driven by 1% same-store sales growth and 4% net store growth. System-wide sales rose 4% to $6.5 billion. The company reported a net loss of $292 million ($1.82 per diluted share) for fiscal 2024, compared to a $745 million loss in 2023. Adjusted EBITDA grew 7% to $553 million, while Adjusted Net Income was $186 million ($1.14 per diluted share).
The company announced a definitive agreement to sell its U.S. car wash business to Whistle Express Car Wash. Take 5 Oil Change, Driven's flagship brand, delivered 16% revenue growth and 7% same-store sales growth for the year. The company also announced a CEO transition, with Daniel Rivera appointed as President and CEO effective May 9, 2025, while current CEO Jonathan Fitzpatrick will become Non-Executive Chair.
For fiscal year 2025, Driven Brands expects same-store sales growth of 1-3% and net store growth of approximately 175-200 locations.
Driven Brands (NASDAQ: DRVN) has announced that Chief Operating Officer Daniel Rivera will become President and CEO effective May 9, 2025, succeeding Jonathan Fitzpatrick who has served as CEO since 2012. Fitzpatrick will remain on the Board as Non-Executive Chair and serve as a senior advisor through 2025 to ensure a smooth transition.
Rivera joined Driven Brands in 2012 as Chief Information Officer and has held roles of increasing responsibility, including Meineke Brand President, President of Take 5 Oil Change, Group President of the Maintenance segment, and most recently as COO overseeing all business segments.
The appointment follows a comprehensive succession planning process led by the Board's Nominating & Corporate Governance Committee. Under Fitzpatrick's leadership, Driven Brands grew from $38 million in Adjusted EBITDA in 2012 to over $550 million in 2024 and successfully completed its IPO. The Board will expand to 11 directors as part of the transition.
Driven Brands (NASDAQ: DRVN) has announced an agreement to sell its U.S. car wash business to Whistle Express Car Wash for $385 million. The transaction includes $255 million in cash and a $130 million interest-bearing seller note, with closing expected in Q2 2025.
According to Jonathan Fitzpatrick, President and CEO, this strategic divestiture will allow Driven Brands to reduce debt and enhance focus on its growing Take 5 Oil Change brand and stable franchise operations. The company plans to use proceeds primarily to pay down debt, working toward achieving 3x or less net leverage by the end of 2026.
The decision follows a strategic review of value-maximizing options for the U.S. car wash business. Driven Brands will provide additional information about the transaction and 2025 guidance during its fourth quarter and full year 2024 earnings call.
Driven Brands Holdings (NASDAQ: DRVN) has announced it will release its fourth quarter and year-end 2024 earnings report before market opening on February 25, 2025. The company's management will host a conference call at 8:30 a.m. ET on the same day to discuss financial and operating performance. Investors can access the webcast through the company's Investor Relations website at investors.drivenbrands.com. A replay of the call will remain available for a minimum of three months.
Driven Brands Holdings (NASDAQ: DRVN) has announced its participation in the Morgan Stanley Global Consumer & Retail Conference in New York. The company's fireside chat is scheduled for December 4, 2024, at 11:00 a.m. ET. The event will be webcast live on the company's Investor Relations website and remain available for replay for at least 30 days.
As North America's largest automotive services company, Driven Brands operates over 5,100 locations across 14 countries, serving approximately 70 million vehicles annually. The company's network, which includes brands like Take 5 Oil Change, Meineke, and Maaco, generates about $2.3 billion in annual revenue from $6.4 billion in system-wide sales.
Driven Brands Holdings (NASDAQ: DRVN) reported Q3 2024 results with revenue of $592 million, up 2% year-over-year, and system-wide sales of $1.6 billion. The company posted a net loss of $14.9 million ($0.09 per share), compared to a loss of $799.3 million in the prior year. Adjusted EBITDA grew 14% to $138.8 million. Take 5 Oil Change showed strong performance with 15% revenue growth and 5% same-store sales growth. The company achieved its net leverage target of 4.5x ahead of schedule and reaffirmed its FY24 outlook, expecting revenue of $2.33-2.43 billion and Adjusted EBITDA of $529-559 million.
Driven Brands Holdings Inc. (NASDAQ: DRVN) has announced its plans to release third quarter 2024 earnings before the market opens on October 31, 2024. Following the release, the company will host a conference call at 8:30 a.m. ET to discuss its financial and operating performance. Investors and interested parties can access the live webcast of the conference call through Driven Brands' Investor Relations webpage at investors.drivenbrands.com. For those unable to attend the live event, an archived replay of the conference call will be made available on the same day and will remain accessible until at least February 28, 2025, via the company's Investor Relations webpage.