CHARLOTTE, N.C., Jan. 04, 2022 (World NEWSWIRE) — Pushed Makes Holdings Inc. (NASDAQ: DRVN), North America’s biggest automotive services business, announces the enlargement of its automobile glass presenting into the U.S. with the acquisition of Auto Glass Now® (AGN).
AGN is an sector chief, backed by about 20 years of expertise, in automobile glass repair service, substitute, and calibration with more than 75 places all over the U.S.
The total addressable industry for car glass repair service in North The us is roughly $5 billion and escalating. This acquisition makes Pushed Brand names one of the greatest automobile glass assistance vendors in North America.
“The automotive aftermarket is evolving, and we are very bullish that glass solutions will be a important beneficiary of that evolution,” reported Jonathan Fitzpatrick, president and CEO, Pushed Manufacturers. “The development and remarkably fragmented mother nature of car glass products and services will make our entrance into the U.S. sector an great strategic expense for Pushed Brand names.”
AGN will be claimed in Driven Brands’ Paint, Collision, and Glass section, introducing around 75 business-operated areas. Fiscal 2021 profits for AGN is predicted to be about $85 million, and the business enterprise generates EBITDA margins of approximately 25%.
“Glass repairs are expanding as a share of automobile repairs and repair complexity is expanding owing to the needed calibration,” stated Michael Macaluso, EVP of Driven Manufacturers and Team President, Paint, Collision, and Glass. “Glass offers yet another exciting possibility to leverage our demonstrated playbook of reliable and repeatable expansion to go on capturing industry share.”
Pushed Makes initial entered the glass company in Canada in 2019, and serves retail, insurance, and fleet clients. Driven Brands now operates around 300 glass locations in both of those the United States and Canada.
Pushed Makes acquired AGN for about $170 million on December 30, 2021. As portion of the transaction, the corporation incurred a $56 million transaction expense in the fourth quarter of fiscal 2021. The invest in price tag and transaction expenditure have been funded with cash on hand.
About Pushed Brand names Driven Brands™, headquartered in Charlotte, NC, is the premier automotive expert services corporation in North The us, offering a vary of purchaser and commercial automotive needs, which include paint, collision, glass, auto restore, oil improve, routine maintenance and auto clean. Pushed Manufacturers is the mum or dad corporation of some of North America’s primary automotive services businesses together with Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brand names has far more than 4,300 areas throughout 15 nations around the world, and solutions in excess of 50 million vehicles per year. Driven Brands’ community generates additional than $1 billion in income from a lot more than $4 billion in technique-huge product sales. For a lot more details on the energy of Driven Models, visit DrivenBrands.com.
Copyright 2022 GlobeNewswire, Inc.