News Releases

Driven Brands Acquires North Florida Lubes

DECEMBER 2015 -  

Heritage Capital Group (“Heritage”) is pleased to announce the successful sale of North Florida Lubes, Inc. (“NFL”) to Driven Brands, Inc. (“Driven Brands”).

 NFL is the leading independent operator of Havoline Xpress Lubes (“Xpress Lubes”) quick lube service shops in the U.S.   The company was founded in 1995 by Brian Fowler. Over the past 20 years, NFL has expanded from two stores located in Jacksonville to 67 stores located throughout Florida and southeastern Georgia.  NFL offers a variety of services including: full service oil changes, transmission fluid service, fuel injection replacement, air filter replacement, car wash (at several locations) and other related services. 

Driven Brands manages a family of automotive brands including; 1-800 Radiator, CARSTAR, MAACO, Meineke Car Care Centers, Merlin 200,000 Mile Shops, Pro Oil Change and Econo Lube & Tune.  

The companies provide automotive car care solutions; vehicle longevity programs; vehicle appearance care services; automotive lube and general repair services; auto touch-up and paint repair services; mobile services, including vehicle cleaning, restoration, protection; and maintenance services for new and used car dealers; and auto repair and maintenance services.  Driven Brands is a portfolio company of Roark Capital Group, a private equity firm based in Atlanta, Georgia.

The Heritage team of Don Wiggins, Mac Holley, Doug Kravet, and Howard Serkin initiated and negotiated the transaction. Don Wiggins, president of Heritage commented, "This transaction was exceptional for both parties.  Brian realized the benefit of 20 years’ of work building a high performance company, and Driven Brands will be able to grow NFL  substantially in the years to come.  Brian and the NFL team did a first rate job in due diligence, and he and Erica are great people and clients."

Brian Fowler, owner and president of NFL stated, “The Heritage Capital team put together a comprehensive marketing package that perfectly explained our unique business and, more importantly, identified new opportunities and growth potential to prospective buyers.  Since I had been approached directly by several potential buyers, I originally questioned why I even needed an advisor for the sale of my company.  Heritage identified other candidates, found the ultimate buyer, and negotiated a price that greatly exceeded my expectations.  In fact, the buyer I originally thought would win the deal presented an offer that was significantly below the winner. The Heritage team was extremely helpful throughout the due diligence process, and worked tirelessly to assist me, my staff, and my other advisors to make the process run smoothly. There were challenges in the negotiations, however, Heritage always remained focused on the deal and provided the expertise and professionalism to get it closed.  I am very glad I chose Heritage.”

Heritage Capital Group provides a range of investment banking services, including buy-side and sell-side M&A advisory work, business valuations, litigation support, exit planning, value enhancement and strategic advisory services, including restructuring and reorganization consulting.   Heritage Capital Group is a FINRA regulated broker-dealer and the Florida headquarters of M&A International Inc., which extends its capabilities on a global scale.

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