Roark Capital-backed automotive company Driven Brands has acquired auto repair chain Take 5 Oil Change Inc. from Trivest Partners LP for an undisclosed amount.
Take 5, founded in 1984 and based in New Orleans, provides auto repair services such as oil changes and air filter replacements. Trivest purchased Take 5 from management in 2011. Under Trivest’s ownership, Take 5 was able to increase its store count, sales and profits. In 2015, Take 5 acquired inspection services provider Johns Creek Emission.
Driven Brands operates automotive repair and maintenance companies such as Meineke Car Care Centers, Pro Oil Change and Drive N Style. Atlanta-based Roark acquired Driven Brands in 2015 from Harvest Partners and has since been active in making add-ons. For example, in 2015, Driven Brands purchased Carstar Canada and 1-800-Radiator & A/C. “We are actively expanding our footprint through the strategic acquisition of top-performing, complementary auto aftermarket services companies,” says Driven Brands CEO Jonathan Fitzpatrick.
Rising global car sales continues to drive automotive M&A. Carl Icahn offered to buy Pep Boys - Manny Moe & Jack; Shipston Equity Holdings LLC has acquired Compass Automotive Group LLC; and Sentinel has added Driven Performance Brands.
Jefferies and Akerman LLP advised Take 5.