US-based Driven Brands, the owner of franchised US automotive repair chains including Maaco and Meineke Car Care, is exploring a sale that could value it at more than US$600 million, according to a Reuters report. Driven Brands is owned by private equity firm Harvest Partners.
Harvest Partners acquired Driven Brands in December 2011. The company operates more than 1,700 automotive repair and service locations which are franchised under various brands including Maaco, Meineke, Merlin and Econo Lube. Driven Brands acquired Merlin, which operates primarily in the Chicago suburbs, last February.
The report also said that deals in the automotive aftermarket industry are on the rise due to growth in the number of light vehicles on the road and an increase in average age of vehicles.
Recent deals have included Advance Auto Parts’ US$2 billion purchase of General Parts International, private equity firm Leonard Green & Partners LP’s US$400 million acquisition of Mister Car Wash, and Blackstone Group LP’s acquisition of a majority stake in Service King Collision Repair Centers.