Driven Brands, owner of Meineke Car Care Centers and other auto care businesses, has been acquired by Atlanta-based private equity firm Roark Capital Group.
Terms of the deal were not announced.
Driven Brands consists of such brands as Maaco, Merlin 200,000 Mile Shops, Pro Oil Change, Econo Lube & Tune, AutoQual, Aero-Colours and Drive N Style. Collectively, they represent some 1,500 locations in 50 states, generating some $1 billion in revenue.
Roark Capital has 42 brands that generate annual revenues of approximately $17 billion through 20,000 locations that operate in 50 states and 72 countries.
Jonathan Fitzpatrick, Driven Brands’ CEO, will continue to lead the business and the company will remain headquartered in Charlotte, N.C.
“We are very excited to welcome Driven Brands to the Roark Capital family,” said Neal Aronson, managing partner of Roark Capital. “We have great admiration for the franchisees who have made these iconic brands so successful, and are thrilled to contribute to their future growth.”