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CHARLOTTE, N.C. Driven Brands Holdings Inc., operator and franchisor of multiple vehicle maintenance and repair businesses, reported a 35.3% gain in operating income for the year ended Dec. 26 on 50.6% higher sales, but the net result was a $4.22 million loss due primarily to higher interest expenses.
The Charlotte-based company, which went public in 2020, reported $94.7 million in operating income on revenue of $904.2 million, yielding a 10.5% operating ratio. Revenue from company-operated stores represented 54% of the firm s sales last year, with a measurable portion of the increase attributed to Driven Brand s purchase of International Car Wash Group.
Among the company s franchise brands are Meineke Car Care Centers, Take 5 Oil Change and 1-800-Radiator & A/C. Besides Meineke and Take 5, Driven Brands properties include: Carstar Auto Body Repair; MAACO auto body; International Car Wash; and Merlin s 200,000 Mile Shops.
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Neal Aronson founded Roark Capital in 2001 after working in the hotel business.
Roark has acquired 90 brands that have 63,000 locations and account for $54 billion in system revenues
Roark is best known for its fast-food empire and brands such as Jamba, Arby s, and Dunkin .
On a winter night in Dallas in 2018, Dave Pace, the chief executive of Jamba Juice, met with Steve DeSutter, the leader of Focus Brands, for a steak dinner. DeSutter ran the emerging multi-unit fast-food company whose mall-based brands included Auntie Anne s and Cinnabon.
The firm s principal stockholders are Driven Equity L.L.C. and RC IV Cayman ICW Holdings L.L.C., both of which are controlled indirect subsidiaries of Roark Capital Partners III LP ( Roark Capital Partners III ) and Roark Capital Partners IV Cayman AIV LP ( Roark Capital Partners IV ), respectively.
The management team at Driven Brands comprises:
Jonathan Fitzpatrick, president, CEO and board director, positions he has held since July 2012.
Tiffany Mason as executive vice president and CFO, positions she has held since March 2020
Scott O Melia, executive vice president, general counsel and secretary, positions he has held since May 2020.
Daniel Rivera, executive vice president and group president, maintenance, covering the Meineke and Take 5 brands. He joined Driven Brands in 2012.