Driven Brands IPO recognized as a 2022 Dealmaker
June 01, 2022
Every year, the Franchise Times announces the winners of its annual Dealmakers Awards, recognizing the boldest players driving mergers and acquisitions in franchising. This year, Driven Brands was among them, earning the distinction after our “explosive” initial public offering on Jan. 14, 2021.
Our IPO’s performance was one for the history books: It was the only retail IPO over $500 million to price $2 above the range in Wall Street history, and the highest file-to-offer of any consumer and retail IPO over $500 million. And it set us up to continue our expansion in this highly fragmented industry. In 2021, for instance, we celebrated the acquisition of our 100th car wash — a strategic area of growth for our company moving forward.
Getting here required years of hard work and persistence. We were preparing to file the IPO in the summer of 2020, and hired CFO, Tiffany Mason, to help lead the IPO process. When the pandemic hit and forced shutdowns and stay-at-home orders, we placed the IPO on hold, but kept working.
While many companies were flailing, we capitalized on the delays and market pauses caused by the COVID-19 pandemic. CEO Jonathan Fitzpatrick called Tiffany one day with the idea to buy the International Car Wash Group. That transaction closed later in 2020.
After the success of our IPO and a strong first year under our belts, Driven is keeping our sights on future growth.
“The IPO was sort of like a wedding,” Mason told the Franchise Times. “It’s a point in time, but what happens after that is what really matters. We celebrated like we should but know we’ve got to continue to deliver every quarter and put up great results, grow, build credibility and serve our shareholders.”
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