CHARLOTTE, N.C. — Driven Brands announced that its acquisition of International Car Wash Group (ICWG) has been completed, according to a press release.
With the addition of ICWG, Driven now encompasses more than 4,000 locations across 15 countries and approximately $3.8 billion in annual system-wide sales, making it the largest automotive aftermarket services company by location count in North America, the release continued.
Driven is a portfolio company of Roark Capital and has completed more than 35 acquisitions over the past five years, the release noted.
In addition to ICWG, Driven’s portfolio includes Take 5 Oil Change, Meineke Car Care Centers, Automotive Training Institute, Maaco, CARSTAR, ABRA, Uniban, 1-800-Radiator & A/C and PH Vitres d’Autos, the release added.
“We are excited to officially welcome ICWG to our growing family of brands,” said Jonathan Fitzpatrick, CEO of Driven Brands. “The team at ICWG should be incredibly proud of the company they’ve helped create, and we look forward to building on their success and accelerating long-term growth at ICWG.”
Gabe Mendoza has been named president of ICWG North America, and Tracy Gehlan will be joining Driven as president of ICWG International, the release stated.
Morgan Stanley & Co. LLC served as financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and DLA Piper LLP served as legal advisors to Driven in this transaction, the release noted.
Goldman Sachs & Co. LLC served as financial advisor, and White & Case LLP and Faegre Drinker Biddle & Reath LLP served as legal advisors to ICWG, the release concluded.
