Driven Brands hires Credit Suisse to run sale process

This article is provided to FT.com readers by mergermarket—a news service focused on providing actionable, origination intelligence to M&A professionals. www.mergermarket.com
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Driven Brands, the auto repair franchisor for Meineke, Maaco and Econo Lube, has hired Credit Suisse to conduct a sale process, three industry bankers told mergermarket.

The Charlotte, North Carolina-based company is currently conducting management presentations for prospective buyers, according to the first banker. Driven Brands, backed by Carousel Capital since 2008, has EBITDA between USD 50m and USD 60m, said a second banker.

Officials at Driven Brands, Carousel Capital and Credit Suisse did not return calls for comment.

Carousel Capital acquired Maaco Franchising, a provider of auto body repairs and paint jobs, at the same time it bought Driven Brands, and merged the two. Driven Brands had earlier in 2008 acquired Drive N Style, a provider of interior and exterior installations, as well as AutoQual.

Midas (NYSE: MDS), another auto repair franchisor, announced this month it has hired JP Morgan to advise on strategic options.

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