Driven Brands Named Private Equity Deal of the Year
ACG Raleigh Durham Announces 2012 Award to Carousel Capital and Driven Brands
Raleigh, NC – April 3, 2012 – Carousel Capital announced today that its investment in Driven Brands was awarded the 2012 Private Equity Deal of the Year by The Association for Corporate Growth Raleigh Durham Chapter at its ninth annual Capital Conference at the Washington Duke Inn in Durham, NC. This award honors both the company and the private equity group involved in a significant transaction involving a North Carolina or South Carolina company during 2011. Carousel and company management invested in Driven Brands in 2008 and announced in December, 2011 a successful recapitalization of the company. Driven Brands serves as the parent company of several businesses that operate in the automotive aftermarket services sector, including Maaco Collision Repair & Auto Painting, Meineke Car Care Centers, Econo Lube N’ Tune, AutoQual, Aero Colours, Drive N Style, and Tortal.net.
“We are very excited to accept this award on behalf of Carousel as well as Ken Walker and his management team,” said Jason C. Schmidly, Managing Partner of Carousel Capital. “Driven Brands has performed exceptionally well since our investment in 2008,” he said. “The continued growth of the business and the successful acquisition and consolidation of Maaco into the company were achievements for which we all are proud to have been recognized.”
Credit Suisse acted as financial advisor to Driven Brands in connection with the 2011 transaction. Legal advisors to Carousel Capital were K&L Gates LLP
About Carousel Capital
Carousel Capital is a private investment firm that invests in companies located in the Southeastern United States. Carousel’s investor base includes institutional investors and an elite group of more than 100 current and former CEOs with significant operating experience. Since its inception, Carousel has invested in 28 companies primarily in three targeted growth sectors: business services; consumer products and services; and healthcare services.
About Driven Brands
Driven Brands, (www.drivenbrands.com) headquartered in Charlotte, NC, serves as parent company for the separate businesses: Maaco (a franchise-based collision repair and auto painting retail network) Meineke Car Care Centers (a franchise-based automotive service and repair retail network); Econo Lube & Tune (a franchised chain of automotive repair/quick lube services); a franchised network of mobile services consisting of AutoQual, Aero-Colours & Drive N Style (specializing in automotive interior reconditioning and maintenance, paint refinishing and restyling services for Car Dealerships) and Tortal.net (developer of on-line training solutions for a variety of industries). Management team members serve on the industry association boards, the IFA and AAIA.
About Association for Corporate Growth Raleigh Durham
The Association for Corporate Growth Raleigh Durham serves as a catalyst for business growth by providing business with a relevant knowledge, sources of capital and other resources. Its vision is to create a business climate where regional companies thrive, contribute to the prosperity and vitality of the community and serve as models of sound, ethical leadership and sustainable growth. The Association for Corporate Growth is a global organization for professionals involved in corporate growth, development and mergers and acquisitions. www.ACGRaleighDurham.org.