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

CFO Tiffany Mason recruited 16 execs to aid guidebook Pushed Brands’ IPO.

Pushed Brands’ explosive initial general public presenting with Roark Funds exiting was the end result of a multi-year system. After signing up for the crew as CFO in March 2020, Tiffany Mason right away started drafting Kind S-1, the preliminary registration type the Securities and Exchange Commission calls for public corporations to file. Then, the pandemic strike and prevalent stay-at-home orders took spot.

Driven Manufacturers, which is headquartered in Charlotte, North Carolina, is the most significant automotive aftermarket services business in North The usa and has extra than 4,300 areas in 15 nations around the world, which generates around $4 billion in systemwide revenue.

Driven retained its S-1 submitting timeline intact since it desired to be prepared to acquire the enterprise community when the country reopened, Mason stated, “so it wasn’t us not becoming completely ready, it was the current market not staying all set that was going to hold off us. We stored likely regardless of what was taking place just to make sure.”

Mason recruited 16 expert executives from publicly traded businesses to deal with the IPO and make certain compliance with all laws. The organization also applied the COVID pause to seize the option to enter the automobile wash organization in August 2020, and obtained its 100th auto wash, subscription-primarily based Magic Tunnel Car or truck Wash, in fall of 2021.

“Buying a vehicle wash enterprise in the middle of 2021 established us up for an IPO valuation that was a lot extra fruitful, and we utilised every bit of delays and marketplaces staying ceased to our advantage,” Mason stated. The car or truck wash business enterprise also bolstered the company’s general growth, which achieved about $1.08 billion in total revenue in the to start with 3 quarters of 2021—a 75 per cent improve calendar year over calendar year.

Driven Models done its IPO on January 14, 2021, of 31.8 million shares on Nasdaq below the ticker DRVN at $22 for every share—19 percent increased than the preliminary vary of $17 to $20. Pushed elevated $700 million and was the only retail IPO about $500 million to rate $2 previously mentioned the selection in Wall Street historical past, and the maximum file-to-supply of any buyer and retail IPO in excess of $500 million, in accordance to Lender of America, bookrunner on the deal.


Jonathan Fitzpatrick

In 30 times soon after the IPO, underwriters exercised an overallotment option for an supplemental 4.8 million shares. As of late March, Driven’s stock price tag was $26.93 per share and its sector capitalization was $4.51 billion.

Jonathan Fitzpatrick, Pushed Brands CEO, recalled, “I believe we were being about a 7 days away from setting up our roadshow when the terrible incident at the capitol took place, January 6, which established the marketplaces into turmoil. The team let by Tiffany and other individuals in Pushed did a phenomenal occupation taking care of plenty of micro disorders.”

When asked how heading public has improved what he can and can not share about Pushed Manufacturers, Fitzpatrick laughed. “I’m almost certainly muzzled a very little little bit much more than I was just before,” he admitted. “I’m ordinarily fairly open and clear close to all factors in the organization, and have been for the prior 10 a long time, but these are the guidelines of engagement … I have to be a little much more disciplined in what I discuss about, and nonetheless check out to do it with passion, power and as considerably transparency as doable.”

“The IPO was type of like a marriage ceremony,” Mason additional. “It’s a issue in time, but what takes place immediately after that is what genuinely issues. We celebrated like we really should, but know we’ve obtained to continue to provide just about every quarter and put up good outcomes, increase, make trustworthiness and serve our shareholders.”

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