Driven Brands, which is backed by Roark Capital, has agreed to buy 1-800-Radiator & A/C. Financial terms weren’t announced. Benicia, California-based 1-800-Radiator & A/C is franchised automotive parts distributor in North America.
CHARLOTTE, NC–(Marketwired – June 08, 2015) – Driven Brands, the leading franchisor in the automotive aftermarket, announced today that it has entered into a merger agreement to acquire 1-800-Radiator & A/C, the largest franchised automotive parts distributor in North America.
“We are excited to welcome 1-800-Radiator to the Driven Brands family,” said Driven Brands CEO Jonathan Fitzpatrick. “1-800-Radiator is well respected by its customers and franchisees alike — we look forward to leveraging their relationships and further developing synergies amongst our existing family of brands.”
Mike Rippey, founder and former CEO of 1-800-Radiator & A/C added, “I am confident that joining Driven Brands will help 1-800-Radiator continue to grow and exceed the expectations of it’s more than 400,000 parts houses, repair and body shops and vendor partners.”
1-800-Radiator & A/C’s founders, Mike and Joe Rippey, will remain onboard as advisors. Gabe Mendoza, who served as COO and CFO for 1-800-Radiator & A/C, will transition into the role of President of the 1-800-Radiator & A/C division of Driven Brands.
“This is a great day for 1-800-Radiator’s family of franchisees,” said Mendoza. “Driven Brands’ ability to develop franchise businesses will allow 1-800-Radiator to enter its next stage of growth as we continue to provide best-in-class service to our customers at the most competitive prices.”
Driven Brands was recently acquired by affiliates of Atlanta-based private equity firm Roark Capital Group. The acquisition of 1-800-Radiator & A/C is the first of many strategic initiatives intended to grow and diversify the company.
1-800-Radiator & A/C integrates cutting-edge technology, consolidated buying power and exceptional vendor relationships to provide the best-in-class solution for the wholesale auto parts industry — strengthening Driven Brands’ position as the nation’s leading automotive franchise company.
1-800-Radiator & A/C has more than 200 franchisee-owned locations across the U.S. and Canada. The company distributes radiators, condensers, air conditioning parts, fan assemblies and fuel pumps — and related parts — with same-day delivery in-stock rates higher than 90 percent across most part categories and 99 percent fill rates on most parts one day away.
About Driven Brands
The Driven Brands family of automotive companies, headquartered in Charlotte, NC, serves as parent company for several businesses including: MAACO®, Meineke Car Care Centers®, Merlin 200,000 Mile Shops®, Econo Lube & Tune, Pro Oil®, AutoQual®, Aero-Colours® and Drive N Style®. Founded in 1972, MAACO and Meineke Car Care Centers are two of the most iconic brands in the automotive industry and have become a staple in American culture. Driven Brands has more than 1,500 centers across the U.S. and Canada, which are 100 percent owned by franchisees. Combined, all businesses generate over $1 billion in system sales. For more information, visit www.DrivenBrands.com.
About 1-800-RADIATOR & A/C
1-800 RADIATOR & A/C is the largest independent parts distributor in the nation selling more than 1,000,000 radiators every year with more than 200 locations. 1-800 RADIATOR & A/C has the largest inventory of radiators, condensers, air conditioning parts, fan assemblies, fuel pumps and related parts. The 1-800 RADIATOR & A/C business model provides retail and wholesale customers with cooling parts delivered to their doorstep in a matter of hours at competitive pricing. To its franchisees, 1-800 RADIATOR & A/C provides huge buying power, state-of-the-art software technology, along with 24-7 support. For more information, visit www.1800Radiator.com.
About Roark Capital Group
Roark focuses on consumer and business service companies with a specialization in franchised and multi-unit business models in the retail, restaurant, consumer and business services sectors. Since inception, Roark has acquired 42 franchise/multi-unit brands, which have generated $17 billion in annual system revenues from 20,000 locations in 50 states and 72 countries. Roark’s current brands include Anytime Fitness, Arby’s, Atkins Nutritionals, Batteries Plus Bulbs, Carl Jr.’s, Corner Bakery, FOCUS Brands (the owner of Auntie Anne’s Pretzels, Carvel Ice Cream, Cinnabon, McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s), Hardee’s, Il Fornaio, Massage Envy, Miller’s Ale House, Money Mailer, Pet Valu, Pet Supermarket, Primrose Schools, Waxing the City, and Wingstop. For more information, visit www.RoarkCapital.com.
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